Last checked at 19 Mar 2009 14:15
For immediate release
SMALLBONE plc ("Smallbone plc" or the "Group")
Administration appointment and sale of businesses and assets
On the 3rd March 2009 Smallbone plc announced that trading in its Ordinary Shares on the AIM market of the London Stock Exchange had been suspended, pending clarification of the funding of the Group and the outcome of a strategic review.
Since this announcement, the Board has vigorously explored the options available but it has become clear that none of the options being explored would result in any value being attributed to the Ordinary Shares, and no offer has been received for the Ordinary Shares. Accordingly, Smallbone plc is no longer in an offer period.
In light of the Group's current financial position, the Board has concluded that the best course of action is to place the company into administration. Accordingly, Rob Lewis and Mark Shires of PricewaterhouseCoopers LLP have today been appointed as joint administrators.
Immediately following their appointment, the administrators completed a sale of the business and assets of Smallbone plc and the business and assets of two of its subsidiary companies, Smallbone & Co (Devizes) Limited and Mark Wilkinson Furniture Limited to Canburg Limited, a company owned by Mr Leo Caplan. The sale secures the employment of over 400 staff and protects the position of customer deposits taken by the companies prior to the administration. As part of the sales agreement, Canburg has agreed to honour orders where deposits have been paid by customers.
Enquiries
| Smallbone plc | |
| Stephanie Howell, PricewaterhouseCoopers LLP | 020 7213 2421 |