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Greatfleet

  • BY: Andrew Hore |
  • POSTED: 10/07/2008 |

Greatfleet’s invoice discounting provider has stopped advancing it funds.

A major creditor has asked for immediate repayment of money owed to it. The invoice discounting provider won’t advance more funds until a payment plan is agreed. Greatfleet believes that is unlikely.

Management admits that trading at legal recruitment specialist Longbridge has deteriorated significantly in May and June. That has had a significant affect on the company’s finances.The Qualitas business is trading in line with expectations.

The shares were suspended at 8.5p. That values Greatfleet at £1.51m but in reality shareholders need to come to terms with the possibility that their shares could become worthless. 

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