Struggling Blacks Leisure has announced that having failed to drum up sufficient financial support from shareholders and potential new investors, the firm is now inviting offers to support further investment in the group, which is most likely to involve a sale of the company or sale of one or more of the group's brands.
The company proposes to conduct the sale process, which it hopes to conclude during January, through its adviser KPMG.
"As at 5 December, the group's net bank debt was approximately £36m. Given the current level of debt within the group, there can be no assurance that any sale would attribute value to the ordinary shares of the group," the firm said.
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
The share price lost exactly half of its value in early trading on Wednesday, falling 50% to 1.88p by 08:51.
NR
-
Christmas at Chatsworth: review of The Cavendish Hotel at BaslowMoneyWeek Travel Matthew Partridge gets into the festive spirit at The Cavendish Hotel at Baslow and the Christmas market at Chatsworth
-
Tycoon Truong My Lan on death row over world’s biggest bank fraudProperty tycoon Truong My Lan has been found guilty of a corruption scandal that dwarfs Malaysia’s 1MDB fraud and Sam Bankman-Fried’s crypto scam
