Monday, March 03, 2008
C&C Shareholders back new start
Indebted training group Carter & Carter has been given a chance at a new start. Shareholders voted at an extraordinary general meeting last Friday to allow more borrowing as the group prepares to restructure.
Investors had been warned that unless extra working capital was secured, the group would have to go into administration. Its debts already total £129 million and its board expects that to increase to £175m this summer in order for the company to relaunch.
Industry sources expect the group to re-focus on the automotive training services which were the business’s original core. It currently runs apprenticeship programmes for 21 carmakers, including Volkswagen, Vauxhall, Toyota, Renault, Peugeot and Mercedes-Benz.
DATED: 03.03.08
FEED: AM
Investors had been warned that unless extra working capital was secured, the group would have to go into administration. Its debts already total £129 million and its board expects that to increase to £175m this summer in order for the company to relaunch.
Industry sources expect the group to re-focus on the automotive training services which were the business’s original core. It currently runs apprenticeship programmes for 21 carmakers, including Volkswagen, Vauxhall, Toyota, Renault, Peugeot and Mercedes-Benz.
DATED: 03.03.08
FEED: AM
