Restructuring costs Champion

THE cost of redundancies and restructuring at North West accountancy firm Champion pushed the business into a half-year loss.

The Worseley-based firm has reported a pre-tax loss of £58,939 in the six months to December, compared with a £120,000 profit in the same period in 2007. Revenue rose 2% to £3.1m.

In a statement the group said: “The increased costs reflect both the costs of redundancies made and the cost associated with the reorganisation of Champion Business Advisors Limited.”

During the period Champion acquired the goodwill and business assets of Robinson Rose for £17,000 and 42.86% of the issued share capital of Champion Business Advisors Limited from John Stokes for £160,000.

The group added: “Having made the cost cuts necessary in the first six months the directors are confident that the group has returned to profitability in the second half of the year. They are also confident that fee income will continue to increase from both existing and new service lines.”