Housebuilder Gladedale incurred costs of almost £30m in the restructuring deal its banks did to save it, according to its end-of-year accounts
The £28.7m costs, incurred in the deal last September which saw the departure of founder Remo Dipre, helped push the firm to a loss of £171m for 2009, double its 2008 loss of £85m.
The accounts say it spent £9m on professional fees, £1.2m on redundancy and £2.6m on management and impairment charges.
It also had to pay a £15.9m charge for prematurely ending derivatives contracts.
Meanwhile Gladedale has launched a £1.35m class action suit against the government in a dispute over a tax bill relating to payments under the company’s executive bonus scheme in 2004.