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Clapham House - Exits the problematic Tootsies chain

November 2009

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

  • Epic Code:
  • Clapham
Clapham House has finally drawn a line under its problematic Tootsies chain and put the business into administration. Although Tootsies had been profitable last year,  recent trading has been poor and there has been no prospect of it generating a profit in the near term. The writing has been on the wall for some time given that Clapham wrote off the £24.2m acquisition goodwill of Tootsies in the last financial year leaving it in the books at about £5m.The administrator has since sold 11 of the 21 Tootsies units to 3i and Luke Johnson (former Chairman of Pizza Express) backed Giraffe concepts, for £2.5m (before c£0.5 costs). The money will go towards reducing net debt, which is expected to fall to £12m by the end of the y ...

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