22nd Aug 2023 14:23
Pittards PLC - Yeovil, Somerset-based leather goods producer - Says that on August 21, it filed a second notice of intention to appoint administrators to provide protection against creditors for a further 10 business days whilst a buyer for the business and assets is sought.
On August 14, Pittards said it had not yet appointed administrators, and that was continuing to trade.
This followed an announcement on August 8, when Pittards said it had resolved to file notice of intention appointing Ernst & Young LLP as administrators "as soon as reasonably practicable," following discussions with its advisers. It said it was taking this action to protect its creditors' interests. In late July, after receiving valid applications for 5.1 million new shares, raising GBP204,049, Pittards said it was considering all its strategic options for the benefit of its stakeholders, which could include an orderly sale of the company's business and assets.
Shares in Pittards are currently suspended.
By Holly Beveridge, Alliance News reporter
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