A loss of over £20m has been revealed at the Leaders Romans Group in accounts newly posted at Companies House.
These cover the nine-month period to December 31.
For the nine months to the end of last December, the group’s turnover was £86,012,809.
Operating profits before amortisation for the nine months to the end of last year were £14,429,355.
Pre-tax losses for those last nine months of 2017 were £20,563,669.
As at the end of last year, the group held cash of £13,751,780.
From the accounts, the group looks to have bank loans of £125m falling due within two to five years, with £120m due to be repaid on July 26, 2020.
A strategic report at the front of the accounts is however relatively upbeat, stating: “The directors are cautiously optimistic about the next 12 months.”
The accounts also say that the “group continues to look for suitable opportunities to acquire businesses to grow its portfolio and geographic network”.
Of the businesses it acquired during the last nine months of last year, it paid £517,563 for Bath Property Letting Ltd; £1,162,099 for Penyards Property Management Holdings Ltd; £1,035,309 for City Lettings (Norwich) Ltd; £952,287 for J South Ltd; and £526,292 for MBM Management Ltd.
There were other acquisitions, described as “non-significant”.
The ultimate parent company of the group is Bowmark LLP.
In a section about related party disclosures, the accounts say that Bowmark Capital Partners IV holds loan notes of £96,831,995.
The accounts say that interest on the loan is charged at 7%, and at the end of last December, £7,037,138 was charged to the profit and loss account.
Other Bowmark companies also hold loan notes, as do a number of directors and shareholders who are individually listed.
The accounts say that interest on these loans is charged at 9%.