A report in The Telegraph says the company, which is run by husband and wife team Tim and Kit Kemp, took a £27.9 million exceptional charge after it cancelled hedging contracts when it refinanced its loans.
Tim Kemp told The Telegraph the derivatives had been taken out with Barclays and that Firmdale took legal action to reclaim the money last year: “We had four swaps as part of our hedging policy that we took out in 2006 and 2007. In order to refinance we found we had to pay the swaps off. I think we’re going to get this money back.”
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