In February 2019 Tyres On The Drive went into administration. Tyres on the Drive sold its entire trade and assets to Victor Holdings Limited (or its subsidiaries). This has left the business with no value. In the previous year, an £8.1m investment was held in Tyres On The Drive, consisting of £4.1m cash consideration in FY17, £3.5m invested in FY18 and a further £0.5m invested during the current year. The equity held represented a stake of c.5%.

During the current year, the investment has been derecognised which has resulted in a debit to OCI as a result of the irrevocable election taken on transition to IFRS 9 in the prior year to account as FVOCI.