Spar group takes €100m property hit

The company which collects franchise income from the 100 Spar shops directly owned by the group has written down property valuations by close to 50 per cent to €124 million since the start of the recession.

20th November, 2010

The company which collects franchise income from the 100 Spar shops directly owned by the group has written down property valuations by close to 50 per cent to €124 million since the start of the recession.

Accounts for Triode Newhill Acquisitions, which will be filed this week, show that the company took a €37 million hit on property in 2009. This follows a writedown of €52.6 million in the previous year.

There was also a property impairment charge...

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