Wichford plots Redefine merger

Property investment company Wichford swung to an annual loss yesterday, as it unveiled a proposal to merge with Redefine International. The firm said it had been a challenging year, with property values hitting its net asset value and causing a pre-tax loss of £12.3m, and said a tie-in with Redefine would shore up its debt position and pave the way for a pre-emptive capital raising in the future.