10th Feb 2023 21:45
Love Hemp Group PLC - London-based consumer goods company focussed on CBD health and wellness solutions - Appoints Paul Cooper and Jamie Taylor of Begbies Traynor Group PLC as administrators. Expects to lose major contracts and does not expect them to continue beyond administration. Explains that revenue in the second quarter that ended December 31 was down 37% compared to the first quarter. Adds that January sales have also dropped by 66% year-on-year. Says it faced "significant" legal issues that hurt day-to-day running. Adds that negative media statements "hindered" its efforts to secure the necessary funding for its operations. Says that it also uncovered some "questionable invoices", which will ultimately need to be investigated and recovered.
Love Hemp shares are currently suspended on Aquis. They last traded at 0.43 pence each in London on April 29, 2022.
By Abby Amoakuh; Alliance News reporter
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