Turnover dropped from £211.4 million to £24.3 million for the year to January 31, 2012
Entrepreneur Sir Tom Hunter's investment firm West Coast Capital Trading has posted a £16.4 million pre-tax loss for the year to January 31, 2012.
The holding company for Sir Tom's retail businesses, which includes a stake in House of Fraser, is back in the red after posting a pre-tax profit of £28.2 million last year.
Turnover also dropped from £211.4 million last year to £24.3 million.
The group has also drastically reduced its employee numbers since last year, from 2,807 to 444 at the year end.
Net debt at the year end was £235.5 million, up from £239.6 million a year earlier.
West Coast Capital Trading notes in full-year accounts that “pursuant to post year end reorganisation, the capital base of the company has been strengthened by West Coast Capital converting debt into share capital and share premium totalling £151 million”.
Although the holding company's profit and loss account is not included in the financial statements for West Coast Capital Trading, the accounts note it posted a loss of £13.2 million for the year against a loss of £34.2 million for 2011.
West Coast Capital's auditors have also included a qualified opinion on the subsidiary West Coast Capital (USC) Ltd, the failed retailer which the group offloaded in July 2011.
USC went into administration in 2008 under the ownership of West Coast Capital and Sir Tom bought 43 of the 58 stores back in a pre-pack deal through another of his companies, Dundonald Holdings.
Sir Tom sold 80 per cent stakes in fashion retailers USC and Cruise to SportsDirect.com founder Mike Ashley as part of a £7 million deal.
Hunter also brought a £1 million stake in SportsDirect in August of last year.
The auditors, Johnston Carmichael, note: “As a result of there being no audited financial statements available for the subsidiary for the period from February 1, 2011, to the date of disposal, the evidence available to us on the group financial statements was limited and we have been unable to obtain sufficient appropriate audit evidence concerning the results of West Coast Capital (USC) Ltd for the period concerned by using other audit procedures.”
In last year's accounts, Johnston Carmichael also qualified the accounts relating to the USC subsidiary after being unable to obtain financial statements for the company.
Last year, West Coast Capital Trading and West Coast Capital investments collectively posted losses totalling £253 million.
West Coast Capital investments has yet to file full-year accounts for the year to January 2012.