Further to the appointment of Andrew Poxon and Andrew Duncan as Joint Administrators on 4 October 2018, we have commenced a financial assessment of the business.

Initial indications are that the Company has an insolvent balance sheet of c£9million, although there are likely to be additional claims in due course which will worsen the overall deficit.

The financial position is a matter the Insolvency Service will take into account when reviewing the conduct of the director.

The joint administrators have already commenced a wide-reaching marketing process which has been assisted by general media coverage and, in the first instance, have asked for expressions of interest together with indicative offers. So far, the joint administrators have already received a significant level of interest and commenced providing interested parties with information.

Interested parties will have to sign a non-disclosure agreement prior to being provided with information.

Our role will be to assess the credibility of offers and the ability of the party to complete a transaction.

Further updates will be provided in due course.

We would encourage any parties with an interest in the company’s business or assets to contact our Manchester office as soon as possible on 0161 831 9999 or email keith.turpin@leonardcurtis.co.uk.

Leonard Curtis Business Rescue and Recovery is part of the Leonard Curtis Business Solutions Group (LCBSG).

/ENDS

For further media information, please contact Karen Winstanley or Sue Souter at Souter PR on 01625 839 319 or email sue@souterpr.co.uk / karen@souterpr.co.uk

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