Trust Inns, the 600-strong tenanted business owned by leisure magnate Trevor Hemmings, has reported a major writedown for its most recent financial year. The company has reduced the carrying value of its estate by £35.6m, around 13%, to £255.8m. It said that the writedown “more accurately reflected the values of these proerties given current market conditions". A total of £14.9m of the write down appears in the profit and loss account whilst the remainder, £20.6m, has been offset against previous revaluation surpluses for the affected pubs. Company turnover was £38.09m in the year to 31 March 2010, down from £42.4m the year before. Operating profit was £14.7m compared to £18.3m the year before, but the write down and interest payment produce a £7.9m loss - the year before saw a £4.78m profit. There was no final dividend compared to a dividend of £41.2m the year before. A report at Companies House stated: “Underlying trading performance during the year was satisfactory, but market conditions have continued to become more difficult.” In September 2010, Lynne D’Arcy replaced Brian King as managing director of Chorley-based Trust Inns.