Finance director Stephen Chalmers-Morris said 372,000 of the loss had been incurred by raising funds to expand. The operating loss before interest, depreciation and exceptional items was 346,212. 'If you look at the operating loss on a cash basis, the loss is not as severe,' he said.
Jean and Stewart Pickering, the founder members of Kidsunlimited, secured funding to expand from Isis Capital plc, a member of the Friends Provident group, in June 2001. Kidsunlimited chairman Graham Smith's statement in the annual report for the year ending 30 April 2002 said that two new directors, John Hirst and David Hirst, had been appointed to help expand the business quickly, but 'unfortunately, things did not work out as planned', and so last April, they resigned. Mr Smith said, 'The accounts for the period to 30 April 2002 include 309,000 in respect of payments made to these two directors.'
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