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3i announces £47m Bestinvest writedown

Private equity firm 3i has revealed a £47m writedown on its Bestinvest investment.

The group revealed the fall as part of its annual results, with the group also announcing a £732m underwritten rights issue.

3i highlighted recent investment buyouts such as Bestinvest as the main factor behind the soaring rise in loan impairments, with the firm unveiling a total of £848m in 2009, compared to £38m in 2008. Impairments to loans as a result of earnings based valuations were £620m.

Bestinvest has undergone a huge turnover of staff since its purchase by 3i in 2007 for an undisclosed sum.

Bestinvest refused to comment.

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