City File: Menzies blot

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The Independent Online
John Menzies, the Scottish-based newsagents and newspaper wholesaling group, had enormous problems exporting its Early Learning Centres format to North America. Two years ago it set aside pounds 15m to shut down ELC Inc. Last year there was another pounds 7m which was supposed to cover the absolute maximum closure cost.

Another hit this time round would mean some very red faces in Edinburgh.