This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at http://www.bbc.co.uk/news/uk-26712062
The article has changed 4 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Albemarle & Bond lenders quash turnaround plan | Albemarle & Bond lenders quash turnaround plan |
| (35 minutes later) | |
| Lenders to troubled UK pawnbroker Albemarle & Bond have told the board that they will not be able to support the management's turnaround plan for the business. | Lenders to troubled UK pawnbroker Albemarle & Bond have told the board that they will not be able to support the management's turnaround plan for the business. |
| The company has asked for its shares be suspended from trading. | |
| The board is now working with Albemarle & Bond's lenders on possible alternative plans. | |
| Remaining options, including a sale of the business, will probably not add value to the company's shares, it said. | Remaining options, including a sale of the business, will probably not add value to the company's shares, it said. |
| The firm's shares were frozen at 6.65p. They have lost 95% of their value over the past 12 months. | |
| In November, Albemarle & Bond resorted to melting down its own gold. | |
| Shortly after that, five company directors resigned from the company. | |
| Last year, the company took a number of steps to try to stem losses. including curbing unsecured lending and halting online lending. | |
| The company put itself up for sale in December, but halted the sale process in January, saying that none of the proposals it had received represented fair value for the company. |