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Greatfleet

  • BY: Andrew Hore |
  • POSTED: 29/07/2008 |

Harrisons has been appointed as administrator to Greatfleet.

The legal and financial recruitment company has been talking to advisers about how best to protect the interests of creditors and shareholders. Today (29 July) Greatfleet’s board asked its invoice discounting provider SME Invoice Finance to appoint an administrator.

Discussions held with potential buyers of the company’s businesses will be continued by the administrator.

The shares were suspended on 9 July at 8.5p, valuing Greatfleet at £12.51m.

Greatfleet couldn’t agree repayment terms with a creditor and was running short of working capital. SME then told the company it would not provide any more funds until an agreement was made with the creditor. That proved impossible.

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