Alto posts loss of £578,000 for first 15 months in business
Alto Insurance Group has reported a loss of £578,543 for the 15 months to March 2013.
Alto was incorporated in January 2012.
The group acquired Cobra Holdings for £7.9m in July 2012, a slightly higher price than the reported £7.3m offer made in June of last year.
According to documents filed at Companies House, at 31 March 2013, Alto had an outstanding loan of £6.4m with Macquarie Bank, repayable in monthly instalments to July 2022.
The company also has a revolving credit facility of £1m, of which £750,000 is secured by way of a personal guarantee from Stephen Burrows, director
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