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P&MM Ltd makes pre-tax loss of £15.9m in final year as separate company

P&MM Ltd has now ceased trading after becoming part of parent company Sodexo Motivation Solutions

Pictured: P&MM Ltd made a loss of £15.9m before being subsumed into parent company Sodexo Motivation Solutions

P&MM Ltd made a loss of £15.9m before tax last year, according to accounts filed at Companies House.

The loss is attributable to a £17.4m exceptional charge resulting from the write down of intercompany balances when P&MM Ltd was integrated into parent company Sodexo Motivation Solutions (SMS).

Sodexo acquired P&MM as part of the deal to buy Motivcom plc in November 2014, along with subsidiaries AYMTM and Allsave. The net assets of all four companies were transferred to SMS UK on 31 August 2016.

A Sodexo spokeswoman said: “This amount is as a result of the transfer of net assets from four trading subsidiaries, including P&MM Ltd, to Sodexo Motivation Solutions Ltd on 31st August 2016.”

The spokeswoman confirmed that the legal entity of P&MM Limited ceased to exist on 31 August 2016, but all its services will continue to be provided through the Sodexo legal entity and trading name. It is just the legal entity that is being transferred, so the structure and resource are unaffected, with no related job losses.

From 1 September 2016, only two trading entities remain: SMS UK Ltd and Sodexo Travel and Business UK Ltd.

In its final year as a separate trading entity, P&MM Ltd saw turnover hit £24.3m and gross profit of £10.5m. Administative expenses of £9.1m brought operating profit down to £1.4m, with the exceptional charge of £17.4m bringing a pre-tax loss of £15.9m.

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