In a year when revenues shot up and operating profits declined, the sums owed to other group companies climbed to £159million from £21million. Management fees charged to group-related enterprises rocketed.
The company received a loan of £8million from a key employee (since repaid) and the rewards to top bosses rocketed to £11million from £1.4million.
A note to the accounts says this was for ‘the outstanding performance of the business’. Creditors may question that.
The supplier invoice arrangements which provided 90 per cent of the revenues in 2019 were from just five clients, a figure which dropped to 70 per cent in 2020, according to the Wall Street Journal.