31st Oct 2018 09:14
LONDON (Alliance News) - Butcher Crawshaw Group PLC's shares were suspended on Wednesday as the firm appointed administrators.
On Friday last week, Crawshaw had said it was exploring the possibility of raising cash through a fundraise so it could keep going.
However, after talks with shareholders, it has not been able to carry out the fund raise, and as a result no longer has the money to carry out the restructuring needed.
Crawshaw said: "In order to protect both shareholders and creditors, the board has taken the decision to place the company into administration and intends to appoint administrators shortly with the purpose of seeking buyers for the group's business and assets on a going concern basis."