(Alliance News) - CEPS PLC said Friday fabric manufacturer CEM Press and bespoke sample book maker Travelfast, which trades as Sampling International, are planning to appoint administrators.
CEPS owns 80% of wallpaper and fabric manufacturer CemTeal Ltd, which in turn owns 98% of CEM and has sole ownership of Sampling.
The small to medium-sized business investor CEPS said it is anticipated the remaining entities in the CemTeal group of companies will be wound-up in the near future.
CEPS expects there to be cash cost to the company, while losses relating to the CemTeal group of companies will be reflected in accounts for 2019.
At the beginning of December CEPS had said due to being unable to achieve cost savings, it would divest its investments in CEM Press and Travelfast.
"Despite management's efforts and cash injections from CEPS since March 2019, it has not been possible to achieve the envisaged savings and efficiencies from consolidating CEM's and Sampling's operations and streamlining processes," CEPS said at the beginning of December.
CEPS shares were untraded in London on Friday, last quoted at 32.00 pence each.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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Ceps (CEPS)