Giles holding company reports £39.5m loss as net debt grows
Expectrum Ltd, the holding company of Giles Insurance Brokers, has reported a £39.5m loss for 2012, compared with a £37.5m loss the previous year.
The business also reported an operating loss of £4.6m for the year ended August 2012, compared with a £4.2m loss in 2011.
This included exceptional losses of £4.5m, comprising acquisition integration costs of £3m, as well as a £718,000 spend on restructuring of the equity and debt financing of the group.
The exceptional losses also included £186,000 spent on aborted acquisitions and £563,000 on ‘projects relating to the restructuring of the business and the implementations and development of new
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