News blog
Maypole Group
- BY: Andrew Hore |
- POSTED: 28/10/2010 |
Maypole Group has appointed Baker Tilly as its administrator.
On Monday, the shares were suspended at 0.45p each, valuing the hotel operator at £730,000.
Plans for a rebranding initiative failed to come to fruition and Clydesdale Bank demanded the repayment of loans.
Net debt was £8.67m at then end of June 2010 and there were net liabilities of £1.95m. Maypole lost £574,000 in the first half and summer trading was poor.
Religare has resigned as nominated adviser so the Aim quotation will be cancelled on 29 November.
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