- The Guardian,
- Tuesday May 17 2005
RM, the computers for schools company, yesterday wrote off the value of recent acquisition Peakschoolhaus after the business failed to retain its contract with schools inspector Ofsted.
RM bought Peakschoolhaus in October 2003 for £1.6m, but yesterday wrote off the remaining £1.1m value of the business.
Chief executive Tim Pearson said Ofsted had rationalised contractors from 60 to just five and the successful bidders had offered "incredibly aggressive pricing".
"It was a disappointment," he said, but had no bearing on the company's ability to bid for school building contracts. RM made a first-half pre-tax loss of £300,000.
