News blog
Worthington Nicholls
- BY: Andrew Hore |
- POSTED: 09/12/2007 |
Air conditioning equipment installer Worthington Nicholls has increased its write-offs and provisions for the year to September 2007 from £6.5m to £15.9m.
Some of these provisions relate to prior years. The company will also write down the £45m balance sheet value of its subsidiaries but the final figure hasn’t been decided. Chairman Alastair Stoddart has resigned and former chief executive Mark Worthington has been dismissed.
The company’s advisers have been changed. Its auditor is Deloitte instead of a local firm in Preston and the new broker and nominated adviser is Cenkos. Osborne Clarke is now legal adviser. The year end will be changed from September to March.
Worthington Nicholls has cash of £10m and debts of £1.9m. Deferred payments for acquisitions shouldn’t be more than £3m.
These write-offs should provide the company with a clean slate for the first full trading period when the new management, led by Simon Beart, is in charge.
The shares were suspended at 17.5p on 3 December. They will return to trading on Monday 10 September.
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