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Archial Group

  • BY: Andrew Hore |
  • POSTED: 22/09/2010 |

HMRC has filed winding up petitions against Archial and some of its subsidiaries which has forced the architects group to appoint PwC as administrator.

Archial has been in talks with the HMRC about its tax position for a number of weeks. Yesterday, Archial tried to persuade the HMRC to withdraw the winding up petitions but it was not interested in the payment terms offered.

PwC’s plan is to sell the business as quickly as possible so it can maximise the return for creditors. Management believes that Archival’s business can be sold as a going concern.

Shares in Archial were suspended at 1.5p each on 17 September.

Numis has resigned as nominated adviser and broker. The AIM quotation will be cancelled on 22 October. Archial, then known as SMC Group, joined Aim in June 2005.

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