Last checked at 19 Nov 2012 07:00
19 November 2012
Flying Brands Limited (the "Company" or the "Group")
Trading Update
Flying Brands Limited today provides an update on the trading and financial position of the Group.
In July 2012 the Group completed the disposal programme of its operating businesses and as a result the only significant asset now remaining in the Company is Retreat Farm, the freehold property in Jersey, The Group has now agreed a lease for this property, which runs until 30 June 2014.
The Company has been reviewing the options for the development of Retreat Farm and is working to maximise the value of the site, which was valued earlier this year at £3.3m.
We have a receivable of £0.625m being the deferred element of the Gardening Direct consideration. We have sufficient cash to pay our trade creditors and have no bank debt. We do however still owe £0.75m to Palatine Private Equity that is repayable at the end of this year.
The Board continues to explore other options for the Company.
For further information please contact:
Smithfield Consultants 020 7360 4900
John Kiely