LNT hit by costs from refinancing

LAWRENCE Tomlinson’s LNT Group saw its annual turnover more than double to £76.2m, but it suffered losses which were deepened by costs relating to the refinancing of its banking facilities.

By The Newsroom

Published 27th Sep 2013, 01:01 BST

The Leeds-based group said that it was hit by £2.6m of advisory and transaction costs relating to the refinancing, which was completed on March 28. LNT Group includes Ideal Care Homes, LNT Construction, LNT Software, LNT Solutions and sports car company Ginetta.

The group’s consolidated loss for the financial year to the end of March 2013 was £7.7m, compared to a loss of £9.4m in 2012.

Mr Tomlinson, chairman, claimed there had been “issues” with one of the group’s banking partners, RBS, in the run up to the refinancing.

A spokesman for RBS said it could not comment on the case, but insisted that the bank worked hard to maintain a strong relationship with its customers.

Mr Tomlinson said: “Having spent £3m on a refinance in these accounts, we now look forward to a sustained period of profitable growth.”

Leeds