3 Apr 2020 07:30
03 April 2020
Bagir Group Ltd.
("Bagir", the "Group" or the "Company")
Financial Update
Bagir (AIM: BAGR), a designer, creator and provider of innovative tailoring, following its announcement on 24 March 2020 provides a further update on trading and financial position in light of the COVID-19 pandemic.
The Company has continued to experience existing orders being placed on hold or cancelled by customers, with a significant proportion of the Company's previous order book now on hold or cancelled.
As a result of the limited visibility on future revenues and payments by customers , particularly in our key markets in the UK and US and, as a result of, our current cash balance, the Board anticipates that the Company has insufficient cash resources available to operate the business as a going concern.
Accordingly, the Board is actively assessing its options, which include seeking immediate additional funding to support the Company's working capital needs. In addition, the Board is taking legal advice, including insolvency advice, as to its options.
Due to the uncertainty of the Group's financial position, the Board has requested an immediate suspension of trading in the Company's shares on the London Stock Exchange.
Further updates to shareholders will be made accordingly.
For further information, please contact:
Bagir Group Ltd. Tessa Laws, Non-Executive Chair Micha Ronen, Chief Executive Officer Dotan Levy, Chief Financial Officer
| via Novella on: +44 (0) 20 3151 7008 |
N+1 Singer Mark Taylor James Moat
| +44 (0) 20 7496 3000 |
Novella Tim Robertson Fergus Young
| +44 (0) 20 3151 7008 |
For more information about Bagir, please visit the Company's website: https://www.bagirgroup.com/