Pittards PLC - Yeovil, Somerset-based leather goods producer - Following discussions with its advisors, resolves to file notice of intention appointing Ernst & Young LLP as administrators "as soon as reasonably practicable". Says the board is taking this action "to protect the interests of its creditors". Says the decision to appoint administrators was despite initiating a sale process of the company's business and assets due to financial uncertainty and increased creditor pressure.
In late July, after receiving valid applications for 5.1 million new shares, raising GBP204,049, Pittards said it was considering all its strategic options for the benefit of its stakeholders, which could include an orderly sale of the business and assets of the company. Earlier July, it said it would likely put itself into administration if it was unable to raise a further GBP1.2 million after raising up to GBP1 million via the issue of 25.0 million shares at 4 pence each to an unnamed trade investor.
Pittards shares are currently suspended.
By Greg Rosenvinge, Alliance News reporter
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