Ince Group PLC (The) Intention to appoint administrator (0125W)

TIDMINCE

RNS Number : 0125W

Ince Group PLC (The)

12 April 2023

12 April 2023

IMMEDIATE RELEASE

The Ince Group plc

("Ince", the "Company" or the "Group")

Intention to appoint administrator

Further to its announcement on 14 March 2023, the Company confirms that its audit process for the financial year ended 31 March 2022 remains uncompleted. The Company's shares have been suspended since 3 January 2023 and the length of the auditing process has put increasing pressure on the cash flows of the business. As a result, the Company has been holding discussions with its major lender and other creditors, including HMRC, to establish their level of support.

The Company has now been informed by a major creditor that it will no longer continue to support the business and, as a result, in order to preserve the future value of the Group's business and to protect the interests of employees and other stakeholders, the Board of the Company has regrettably concluded that it has no choice but to place the Company into administration.

Accordingly, the directors of the Company and each of Ince Consulting Holdings Limited and Ince Gordon Dadds Services Limited and the members of Ince Gordon Dadds Holdings LLP and Ince Gordon Dadds LLP have resolved today to file documents with the Court to appoint Quantuma as administrator, in the expectation that Quantuma will implement a sale of the Group's business to a third party purchaser as soon as possible.

Contacts:

 
 The Ince Group plc 
 Donald Brown, Group Chief Executive                    [e-mail] 
 Simon Oakes, Chief Financial Officer 
 
 Allenby Capital Limited - Nominated Adviser 
  & Broker                                                      [phone] 
 Jeremy Porter / Piers Shimwell, Corporate Finance 
  Tony Quirke / Amrit Nahal / Joscelin Pinnington, 
  Sales & Corporate Broking 
 
 SEC Newgate - Financial Communications                         [phone] 
  Elisabeth Cowell                                     [e-mail] 
 Q uantuma Advisory Limited                                      [phone] 
 

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April 12, 2023 09:30 ET (13:30 GMT)