Woodford IM writes off £1m in loans owed to companies controlled by Woodford and Newman
As of 31 March 2023, these had been written down to nil to 'reflect the fact these will not be repaid'.
According to the firm's annual accounts to 31 March 2023, the former investment manager of the former Woodford Equity Income fund had previously received advances from firms controlled by the pair.
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As of 31 March 2023, these had been written down to nil to «reflect the fact these will not be repaid».
According to Companies House, both Woodford and Newman remain active directors of Woodford Capital, which, along with WIM, is registered at the same address as the now-aborted WCM Partners, which was dissolved within this accounting period.
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As a result, the firm owes £49,258 to creditors before 31 March 2024, with debts of £38,526 owed to the firm.
With £12,212 in cash at the bank, the firm holds positive net current assets of £1,480, up from negative assets of £537,662 for the accounts to 31 March 2022.
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