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I suspect that the firms still committed to the brand will take comfort in the improvement.

Next year the loss may reduce to £2m a year and who knows by 2018 may even break even.

Off course by then it will have debts of £20m plus.

It will never turnaround as a company without its investors taking a massive haircut. Someone will buy the brand for £500k with a further payment if it survives, i.e. some upside.

What the member firms need is someone who can turn their £2.8 annual members fees into a network that gives its members some value.