Funding crisis leads Business Direct to pursue sell-off
Wednesday, July 30, 2008
Business Direct, the troubled logistics and parcel delivery company, looks set to be sold off after the company reached a funding crisis.
In a statement today it said that after conducting a strategic review of the group, including its future long term funding, the directors had concluded that a sale of all or part of the group was the most likely option to secure this funding.
It said that financial advisors from BDO Stoy Hayward had been brought in to assist with the process.
Earlier this week Business Direct posted its annual report and accounts but noted that its auditor, Baker Tilly, had questioned the company’s ability to trade as a going concern.
In the year to January 31 2008, sales at the group were down at £15.4 million from £15.9 million a year earlier. Pre-tax losses were down to £3.6 million from £1.8 million.
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