IN BRIEF: Headlam names administrators, issues "too great to overcome"
Headlam Group PLC - Coleshill, England-based floor coverings distributor - Resolves to file notice of intention to appoint Interpath Ltd's Will Wright, Chris Pole and Ryan Grant as administrators within five business days. Says it has been pursuing a range of options to rectify its liquidity position, and has worked hard over an extended period to explore and evaluate multiple potential solutions, but has been unable to execute the resulting "comprehensive transformation plan" in time. It "has now exhausted the liquidity available under its existing facility" and says "ultimately the scale of the losses incurred, and projected in the short term, has made the challenge too great to overcome." Administration is therefore "the only viable option". Headlam shares are subsequently suspended from trading, effective immediately. Read More