Thursday, January 31, 2008
Carter & Carter seeks to avoid administration
In the face of mounting debts Carter & Carter is holding an extraordinary general meeting next month to ask shareholders to allow it to exceed its current borrowing limits and avoid administration.
The training company, which has an automotive division running apprenticeships for numerous car brands, said its “indebtedness going forward was likely to be higher than the performance of the business was able to support”.
Its debts have increased by £43m in the last 12 months, and now total £129m. The directors forecast this to increase further as extra working capital is needed, and predict it to peak at £175m by the end of July.
DATED: 31.01.08
FEED: AM
The training company, which has an automotive division running apprenticeships for numerous car brands, said its “indebtedness going forward was likely to be higher than the performance of the business was able to support”.
Its debts have increased by £43m in the last 12 months, and now total £129m. The directors forecast this to increase further as extra working capital is needed, and predict it to peak at £175m by the end of July.
DATED: 31.01.08
FEED: AM
