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Acquisitions lead to £41m loss for Bluefin

Bluefin Advisory Services has made a £41.5m loss following acquisitions throughout 2008.

The Axa-owned firm has revealed it has written off a total of £40m in investments which took the loss to £41.5m after a £212,000 profit in 2007.

A further £1.5m loss was incurred through the increased admin expenses of running the Bluefin Advisory Centre, compared with the £167,000 needed in 2007.

During 2008, the group made a £16m investment into Thinc Group Holdings Limited to offer further working capital. In July 2008, the firm acquired the share capital of SBJ Group from Bluefin Group Limited.

The company made a raft of acquisitions in December. These include the entire share capital of CTC Consulting and Layton Blackham Financial Services from its subsidiary, as well as Smart & Cook Financial Services from its subsidiary for a total of £10.6m. The deals were financed by inter-company loans from other subsidiaries.

A Bluefin Advisory Services spokesman says: “The loss is the result of impairment charges taken against the value of goodwill in BAS subsidiaries as required by UK accounting standards.”

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