31st Jul 2018 13:32
LONDON (Alliance News) - Walcom Group Ltd said Tuesday it started legal proceedings against its largest customer after it failed to pay GBP483,000 owed to the company.
Earlier in July, Walcom said the unnamed customer has not paid its debt, despite having informed the company that the payments were being arranged and would have been made before the end of July.
The company said the delays are affecting its cash position, making it "restrained but manageable in the near term".
"If the full amount outstanding from the customer is not received, the company might, in the absence of obtaining alternative funds, be in a position where it is unable to settle its liabilities as and when they fall due," Walcom said.
It is therefore, considering alternative financial arrangements.
Walcom shares were untraded at 0.75 pence each Tuesday.
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