ULR parent reports £3m loss
Motorplus, parent company of Norwich-based ULR, has reported an operating loss of £3.4m for the year ending 31 August 2010.
Turnover hit nearly £16m but this was outstripped by the cost of sales which came in at over £18m.
The figures were revealed as the company filed its 2010 accounts at Companies House at the end of December 2011.
Part of the loss at the legal expenses and add-on specialist was put down to a payment of dividends of nearly £1.2m in 2009/10 that were based on flawed accounting practices.
Sharon Nurse, client services director at Motorplus explained to Insurance Age that the anomaly had occurred as a
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