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Tepilo ended its last financial year with a loss of almost £2.3m

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Mon 09 Apr 2018

Tepilo ended its last financial year with a loss of almost £2.3m

Online agent Tepilo ended its last financial year with a loss of almost £2.3m and owing nearly £5m to creditors, with amounts due within 12 months.

Tepilo has only just posted results on Companies House for the financial year ending June 30, 2017.

The accounts were signed off on March 27.

As at the end of June last year, money owed by debtors to Tepilo was up – from £1.7m to £2.5m.

But Tepilo also owed more to creditors – up from £1.6m to £4.8m.

Net liabilities were negative, at £2,287,961, a marked change from the profit of £185,037 the previous financial year.

In its financial statements now available on Companies House, it says that in accordance with the small companies’ regime it has opted not to file a statement of income, meaning that there is no turnover figure.

Of the creditors owed almost £5m, the biggest is identified as being Northern and Shell Finance.

This is owed almost £4m – £3,971,096 – way up from £1,095,558 in the previous financial year.

A note says that the balance due to Northern and Shell Finance is charged at 15% interest, “and all amounts are repayable on demand”.

A further note, under “related party transactions” explains that during the last financial year, North and Shell Ventures charged £464,820 in respect of admin services. The previous year it charged nothing.

Northern and Shell Ventures also advanced loans totaling £6,065,500, charging interest of £382,733. By the end of the last financial year, a loan balance of £3,971,096 was outstanding.

Northern and Shell Ventures bought shares worth £2m in exchange for advertising.

Tepilo hired more staff last year than the year before – 72, up from 53.

The financial statements also reveal that on December 21, Tepilo Holdings bought the entire issued share capital of Tepilo Limited. It adds that the ultimate parent undertaking is Northern & Shell Limited, which was formerly Northern & Shell Media Group.

On December 22, EYE reported on this, saying that Tepilo founder Sarah Beeny, the TV presenter, was no longer a director, although she would continue to be its public face.

http://www.propertyindustryeye.com/eye-newsflash-sarah-beeny-no-longer-director-of-online-agency-tepilo/

Since then Northern & Shell have – in February – sold publications including the Daily Express and OK! Magazine to Trinity Mirror.

Tepilo was not part of that sale.

At the weekend, Tepilo had 1,326 properties available for sale and seven for rent on Rightmove.