(Sharecast News) - AIM-listed butcher Crawshaw Group said on Wednesday that it has decided to place the company into administration as discussions with existing and prospective investors have proved unsuccessful.
The group, which announced last week that it was considering a number of remedial actions including an equity capital raising, said it no longer has sufficient cash resources to effect the required restructuring of the business.
"In the light of the above and the operational and financial uncertainty which the company now faces, in order to protect both shareholders and creditors, the board has taken the decision to place the company into administration and intends to appoint administrators shortly with the purpose of seeking buyers for the group's business and assets on a going concern basis."
Crawshaw's shares have now been suspended from trading on AIM at the company's request.
Last month, the group reported a 1.9% drop in interim revenue as its pre-tax loss widened to £1.7m from £1.2m in the first half of last year.
Like-for-like sales in the period were down 13.2% and customer numbers declined 9.1%. Chief executive officer Jim Viggars said at the time that the results were disappointing but not entirely surprising given market conditions and the issues facing a retail estate that has too many high street stores and not enough factory stores.
Investors should be aware that past performance is not a reliable indicator of future results and that the price of shares and other investments, may fall as well as rise and the amount realised may be less than the original sum invested.
Walker Crips Group plc (Old Change House, 128 Queen Victoria Street, London EC4V 4BJ), registered in England, registered number 1432059, incorporates the following companies which are authorised and regulated by the Financial Conduct Authority: Walker Crips Investment Management Limited registered in England number 4774117 member of the London Stock Exchange, Walker Crips Wealth Management Limited registered in England number 3790291, Ebor Trustees Limited registered in England number 3514268, Barker Poland Asset Management LLP registered in England and Wales number OC341149.