SHARES in bed giant Silentnight fell sharply after the firm warned profits would be affected by losses at its newly acquired Cornwell Parker business.
The Salterforth-based firm, one of Pendle's biggest employers, said current year profits would be reduced by around £1million because of losses at Cornwell Parker and interest charges on the money it borrowed to buy it.
It said profits before exceptional items for the year to February 3 will be in the region of £16m, once trading losses at Cornwell Parker and the interest on cash used in acquisition were taken into account.
The news caused shares in the firm to fall by more than 10 per cent on Thursday last week, down 21p to 175p.
During the second half, the group spent a total of £40m buying Cornwell Parker which has its European distribution warehouse on the Network 65 business park in Burnley -- and furniture firm Ducal.
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