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Keepmoat debt forces £51m loss

Payments on social housing contractor Keepmoat’s debt have forced the firm’s parent company to record a £50.5 million loss in its annual accounts.

Despite Keepmoat recording a £70 million pre-tax profit on a turnover of £677.1 million for the 12 months ended 31 March 2011, the firm’s ultimate holding company Lakeside 1’s accounts for the same period reveal debt repayments of £117.7 million meant Keepmoat ultimately made a loss.

The pre-tax loss of £50.5 million was before exceptional items and ammorisation, which added a further £35.5 million of losses to Lakeside 1’s accounts.

Lakeside 1 was established in 2007 to acquire the share capital of Keepmoat under a management buy-out funded almost entirely by long term debt.

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