Alexon Group plc
(the "Company" or, together with its subsidiaries, the "Group")
Appointment of Administrators
Following this morning's announcement regarding the suspension of the listing and trading of the Company's ordinary shares, the Board is now providing a further update.
As previously announced, the Group has been operating with limited headroom against its existing facilities and has a clear requirement for additional funding in the short term as it enters the seasonal peak in working capital requirements. Against this backdrop, the Board has been actively exploring, in conjunction with the Company's lenders, all options and proposals to address this requirement for additional funding, with a view to realising value for the benefit of all stakeholders. These options have included a possible offer for the Company and various proposals to acquire one or more of the Group's brands and/or provide alternative debt financing from trade and financial parties.
Unfortunately these options have failed to reach a satisfactory conclusion in the time available and, following discussions with the Group's lenders, it became clear that the Group was unable to continue trading as a going concern. As a result, the Board appointed Will Wright, Colin Haig and Howard Smith of KPMG as administrators to the Company this morning.
In addition, the Company today confirms that it is no longer in discussions regarding an offer for the issued share capital of the Company and that it is no longer in an offer period.
The Board understands that the Administrators have today sold the Group's business to Sun Capital Partners LLP, securing continuing employment for the Group's staff.
Enquiries:
Brunswick Group LLP 020 7404 5959
Simon Sporborg / Zoe Bird
