AA-Saga, the product of a merger of two buyout portfolio companies, made a loss of £264.7m (€333m) in the eight months to the end of January partly thanks to costs relating to the tie-up. However, the group grew earnings before interest tax debt and amortisation by 8.4% to £484.5m.

The loss was due to administration, marketing and interest payments relating to its £4.8bn financing package.