(Alliance News) - Business investor CEPS PLC on Wednesday confirmed that an administrator has been appointed for fabric manufacturer CEM Press and bespoke sample book maker Travelfast, which trades as Sampling International.
CEPS owns 80% of wallpaper and fabric manufacturer CemTeal Ltd, which in turn owns 98% of CEM and has sole ownership of Sampling.
The announcement comes after CEPS in December said it would divest its investments in CEM Press and Travelfast as it was unable to to achieve cost savings "despite management's efforts and cash injections from since March 2019".
Shares in the Bath-based CEPS were untraded on Wednesday afternoon, last quoted at 31.50 pence each.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Ceps (CEPS)