White Stuff posts loss after £21.6m goodwill write-off The company, founded in the 1980s by George Treves and Sean Thomas, reported a £7.1m loss before tax in the year to April 2011 after writing off £21.6m of goodwill. White Stuff's write-off follows a restructuring by Mr Treves and Mr Thomas, who control 75pc of the equity, and the retailer's management, led by chief executive Sally Bailey, who control 25pc. The restructuring involved creating a new holding company and renewing banking facilities with Lloyds, with whom it has debts of £19m. But the key item was impairment losses of £27m, meaning the estimated value fell from £115m in April 2010 to £88m in April 2011. The paper losses overshadowed sales revenue of £100.8m, up from £83.7m a year earlier. Stripping out the goodwill write-off, the company would have made an operating profit of £15m, up from £14.6m in the previous year. White Stuff has 99 UK outlets and its first international shop opened in Copenhagen in November, as predicted by The Sunday Telegraph last March.