A HOSPICE has incurred losses of around £1million running a failed funeral business, according to a long-term supporter.
St Margaret's Hospice Care results for the financial year ending March 31 2022 show its funeral service made a loss of £203,000 ahead of its closure last summer.
READ MORE: St Margaret's closes loss-making funeral business.
Mike Perrin, who warned against setting up St Margaret's Funerals Ltd in premises in Bridge Street, Taunton, in 2017, said: "This together with the losses already written off adds up to over £700,000 losses, plus the costs this current (financial) year and the closing down costs.
"All in all, I would imagine the final loss to be close to £1million,
"Surely someone must be held accountable for this massive loss - money that people worked hard to raise."
A St Margaret’s Hospice Care spokesperson said the charity's board of trustees decided to cease trading its funeral arm, which also operated from premises in Bridgwater, in July 2022.
The spokesperson added: "Several factors led to this decision, such as changing consumer habits during and post Covid, as well as new regulations that restrict how the funeral industry market their services.
"Ultimately the board did not believe the financial forecasts showed a reasonable prospect of the business being able to generate a surplus in the foreseeable future.
"In total the business made a loss of £203,000 for the financial year ending March 31, 2022, including the impairment of fixed assets to their net realisable value.
"Every effort has been made to minimise additional costs caused by the closure of the business. Assets have been sold and the lease on the premises in Taunton has been handed back to the landlord.
"The closure of this trading subsidiary has no direct impact on other aspects of the hospice, and our care provision continues as normal as we focus efforts and resources where we know we can make the greatest difference for our community.
"The funeral business achieved much in a short space of time. Not only did it successfully champion the need to combat funeral poverty, but it played an integral role nationally in highlighting the need for the regulation of the industry to achieve greater transparency in funeral pricing, and better consideration of families when they are most vulnerable.
"The trustees would like to thank the community for their support of this venture and to express their gratitude to over 300 families who chose St Margaret’s Funerals to care for their loved ones.”
READ MORE: St Margaret's to operate funeral directors in Taunton.
READ MORE: St Margaret's funeral home opens in Eastover, Bridgwater.
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