Promotions company Landround is appointing administrators.
Back in October Landround said it was running short of cash and thinking of selling all or some of its businesses.
The subsequent interim figures for the six months to July 2008 showed an increased underlying loss. The loss fell from £265,000 to £582,000, if the corresponding period’s exceptional costs of £1.28m are stripped out.
The cash outflow from operations was £1.17m. There was still £225,000 in the bank but net debt was £76,000. There is little in the way of firm assets in the balance sheet and Landround has been working closely with its bank.
A second half loss is expected which would lead to a further cash outflow.
The shares have been suspended at 2p each. That valued the company at £280,000.
Daniel Stewart has resigned as nominated adviser, which means that the quotation will be cancelled on 29 December.
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