Shares in Blacks Leisure, the outdoor clothing and equipment firm, are to be suspended as the company enters an administration process.
A series of weak trading results last year sealed the company's fate and, despite looking for a buyer, the board has been unable to find anyone who wanted to mount a formal takeover.
Instead the trade assets and brand will be sold through administration, with KPMG organising the sale.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Blacks had already announced that, on the basis of the offers received, "no value will be attributable to the company's ordinary shares." In other words, shareholders will get nothing from any future transaction.
In today's statement Blacks says it "expects to be in a position to announce a sale of substantially all of the trade, assets and brands of the group within the next few days."
BS
-
What happens if you can’t pay your tax bill, and what is "Time to Pay"?Millions are due to file their tax return this Friday as the self-assessment deadline closes. Though the nightmare is not over until you pay the taxman what you owe - or face a penalty. But what happens if you can't afford to pay HMRC your tax bill, and what is "Time to Pay"?
-
What does Rachel Reeves’s plan for growth mean for UK investors?Rachel Reeves says she is going “further and faster” to kickstart the UK economy, but investors are unlikely to be persuaded
