Skipton's Wynyard stake subject to heavy writedown, change in accounting treatment in recent filing

Thu, 20 Oct 2016

By Edwin Mitson Oct. 20 (BusinessDesk) - Wynyard Group's major shareholder and the potential source of vital working capital, Skipton Building Society, wrote down the value of its investment in the company and changed its accounting treatment of the shares because it felt it no longer exercised significant influence over the business. The British building society valued its stake in Wynyard in the six months to the end of June 2016 at just 400,000 pounds. It reported a profit before tax of 76.8 million pounds in the same period, suggesti...

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