Debt management firm Relax Group has been placed into administration.
Kay Johnson Gee is handling the administration. Relax has effectively run out of cash.
This move appeared inevitable following the suspension of the shares at 11p each on 6 October. Relax tried to raise cash from a share issue or obtain additional facilities from its bank. Working capital was described as being under “significant pressure”.
Cenkos has resigned as nominated adviser and broker. The resignation takes effect on 24 December 2009.
The company was valued at £3.35m.
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