15th Nov 2013 10:38
LONDON (Alliance News) - Flying Brands Limited said discussions with planning authorities regarding the development of Retreat Farms are currently ongoing, and it intends to submit a detailed planning application for the scheme in the near future.
Retreat Farm is a freehold property based in Jersey with greenhouses and a plant despatch facility.
In an interim management statement, the multi-channel home shopping specialists said discussions are also continuing with Jersey Choice Marketing Limited. Jersey Choice owes Flying Brands a total of GBP500,000 in a warranty claim.
Earlier this year, Flying Brands said it would be receiving GBP125,000 of the fee from Jersey Choice this month.
"We agreed to restructure this payment and have been receiving payments in accordance with that agreement," it said.
The group also is involved in a separate contractual dispute with Flying Flowers Pty Ltd (FFA), an Australian company, arising from matters relating to the disposal of Flying Brands' gifts business, which FFA allege amounted to a breach of contract. Flying Brands denies this.
"The group is continuing to defend the action brought against it by Flying Flowers PTY Ltd in the Jersey courts whilst pursuing our own counterclaim against FFA for monies due to the group," it added in a statement.
Flying Brand said Finance Director Christopher Knott will be leaving the company in December to take up a new role. A successor will be announced in due course.
The stock was trading at 4.70 pence Friday morning, up 0.20 pence or 4.4%.
By Anthony Tshibangu; [email protected]; @AnthonyAllNews
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