In its directors’ report for 2008, filed this week with Companies House, the firm, which is part of the Axa UK, reveals it has written off a total of £40m in investments which took the pre-tax loss to £41.5m, compared to a £212,000 profit made in 2007.
A further £1.5m loss was incurred through the increased administrative expenses for running the corporate centre of Bluefin Advisory Centre, compared to 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 total consideration of £115.8m comprised the underlying value of the business as well as inter-group loan assets created on the back of Bluefin Group Limited’s decision to reorganise the group, which now operates as an employee benefits consultancy, following its acquisition.
The company also made a raft of acquisitions in December. These include the entire share capital of CTC Consulting Limited and Layton Blackham Financial Services Limited from its subsidiary, as well as Smart & Cook Financial Services from its subsidiary for a total consideration of £10.6m. The deals were financed by inter-company loans from other subsidiaries.
A Bluefin Advisory Services spokesperson says: “The loss recognised in the 2008 accounts of Bluefin Advisory Services (BAS) is the result of impairment charges taken against the value of goodwill in BAS subsidiaries as required by UK accounting standards.’