Clarke Willmott partners injected £1.89m into the firm at the beginning of the 2009-10 financial year, during which time operating profit fell 78 per cent from £13.3m to £2.9m.
The firm’s LLP accounts show that turnover also fell between 2008-09 and 2009-10, dropping 34.4 per cent from £50.6m to £33.2m.
As Clarke Willmott adjusted its year-end from April to May during 2009-10 its 2008-09 financial included 13 months while 2009-10 was made up of 11.
Taking an average monthly income for the 2008-09 year of £3.89m, the annualised 12-month figure would be £46.7m. Taking a monthly average for 2009-10 of £3.01m and annualising over 12 month gives a figure of £36.21m. This would equate to a year-on-year turnover drop of 22.5 per cent.
The firm’s equity partners pumped £1.89m during the 11-month 2009-10 to recapitalise the partnership and fund future growth. In addition the firm secured bank loans totalling £3.8m and a £2m overdraft facility.
Since the end of the financial year covered by the LLP accounts there have been a number of changes at Clarke Willmott, with the firm replacing longstanding managing partner David Sedgwick with chairman Stephen Rosser at the beginning of the current financial year (28 May 2010).