Albemarle and Bond lenders unable to support turnaround plans
24-Mar-2014Pawnbroker, Albemarle & Bond, have had a troubling couple of years with prices plummeting and debt increasing.
According to the latest reports, lenders of the company have confirmed they cannot support the turnaround and have asked shares to be suspended. Other options, like a sale of the business, is being considered but there is concern that value will be lost if this happens. Over the last year, shares have dropped 95% in value.
The deadline is fast approaching for loan repayments to its two major creditors, Barclays and Lloyds. If the deadline of 31st March cannot be extended, the business will be in serious danger.
After trying to sell the business last year, the pawnbroker stopped in January after no suitable buyers came forward.
The business is hanging in the balance and is very close to liquidation unless alternative turnaround plans can be agreed on.
UPDATE: Today (25th March), Albemarle & Bond has filed a notice of intention to appoint joint administrators from PricewaterhouseCoopers LLP. See our blog for more details.