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Widdowson gets Elm cash boost in exchange for shares
THE W1DDOWSON GROUP, based in Leicester, has secured a Lim capital injection in exchange or equity in the firm, according to its latest Companies House filings.
In its accounts for the year ending 31 March 2009, it says the money, secured in the period after the financial statements were prepared, is to "strengthen the halance sheet" as it deals with worsening pre-tax losses.
Losses worsened to £504,984 from £375,044 the previous year, on turnover that was up £800,000 to £24.1m.
The bulk of the losses can be attributed to the cost of vacating leased premises in Leicester (£471289).
Operating profit was £168,349, and net debt stood at £910,000. Another document filed to Companies House shows it has increased the number of its shares in circulation to 1,030,000.
The firm has declined to reveal the identity of the invester.
• Widdowson has been fined £5,000 and ordered to pay costs of £4,900 for creating a fire risk by illegally storing huge quantities of highly flammable aerosols after pleading guilty to breaching health and safety rules at Coal% ille Magistrates' Court.
It had stored large amounts of liquefied petroleum gas (LP() for seven months at its depot on the Hilltop Industrial Estate site in Leicestershire.
It failed to notify the authorities of its operations, did not complete a risk assessment, and failed to implement many industry good practices.