30 Oct 2013 07:00
30 October 2013
Albemarle & Bond Holdings PLC (the "Company")
Financing and Trading Update
Albemarle & Bond Holdings PLC, the specialist retail financial services provider, today issues a further update in relation to its financing and trading.
The Board is pleased to announce that it has now agreed with its lending banks a deferral of the Company's covenant testing dates until 3 February 2014, the tests having previously been deferred from the original date of 30 September 2013 to 30 October 2013. This follows continued constructive and supportive discussions with the banks. As at 25 October 2013 the Company's net indebtedness stood at £49.9m compared to its revised £53.5m banking facilities.
The Board continues to explore all options to maximise value for all stakeholders whilst resolving the current financing and banking covenant issues. At the same time, Chris Gillespie, the Company's new Chief Executive Officer, and Colin Whipp, the new Chief Restructuring Officer, are making good initial progress reviewing operations. The Board will provide a further update on its plans as soon as it is appropriate and will release the 2013 final results as soon as is practicable thereafter.
As previously reported, trading in the Company's markets continues to be challenging in line with the trading patterns referred to in our announcement of 30 September 2013.
Chris Gillespie, Chief Executive, commented:
"Today's further covenant testing date deferral agreement is testament to our constructive working relationship with the banks and to their support while we explore a range of financing, strategic and turnaround options.
"Since my appointment as Chief Executive, I have been focusing on operating our retail estate on a business as usual basis whilst considering the future strategic direction of the Company. Colin Whipp and I are also considering turnaround actions to improve trading performance. I am encouraged by the quality of our stores, our offering and our people and am confident that there is a sustainable and competitive future for the business."
Enquiries:
Albemarle & Bond Holdings PLC Chris Gillespie - Chief Executive Officer 0118 955 8100
Liam Moran - Chief Financial Officer
Canaccord Genuity 020 7523 8350Piers Coombs / Bruce Garrow / Lucy Tilley
MHP Communications 020 3128 8100
Reg Hoare / Katie Hunt / Simon Hockridge