THE MANAGEMENT company for the Tchenguiz family businesses narrowed its losses last year as it continues with its restructuring.
Vincos, which “provides finance and support services” to a group of firms and looks into investment opportunities for the Tchenguiz Family Trust, said turnover fell 40 per cent to £13.8m in the year to May 2011 as it sold off assets and restructured operations.
The firm’s loss was blamed on “one significant loan that it has made to a related party” that remains on a non-accrual of interest basis. It also booked costs for surrendering a property lease as the firm offloads surplus office space, according to accounts filed at Companies House.
Administrative expenses at the firm, chaired by property tycoon Vincent Tchenguiz, fell by more than £2m to £14.5m, as the firm cut its headcount from 62 to 54. This helped cut the group's operating loss to £1.38m.
Vincos’s pre-tax loss of £13.2m was much narrower than the £43.7m loss in the year to May 2010, when the firm embarked on a huge restructuring.
But Vincos’s shareholder deficit widened from £95.9m to £109.1m as loans due to creditors increased.
The company disposed of its remaining cars, worth £42,599, in the year. Charitable donations by the group rose slightly to £128,600.
The firm also complained that issues in the Eurozone and the banking sector made it difficult to make new investments.