Record loss at Harrison & Hetherington

10 November 1999

Record loss at Harrison & Hetherington

THE UKs largest auctioneer, Carlisle-based Harrison & Hetherington, has revealed a record trading loss of £1.4 million. This compares with a profit in the first 13 months to 30 June last year of £17,000.

Apart from trading difficulties, one of the main concerns for shareholders was a £1.78m deficit in the pension fund. This has had to be topped up with £100,000 from the reserves.

An extraordinary meeting has been called for later this month. Many farmer shareholders are asking for a financial report by consultants KPMG to be disclosed.

The company had been seeking a listing on the Stock Exchange, but this appears unlikely given the current state of the books.

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