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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Food & Drink Gp | LSE:FDG | London | Ordinary Share | GB00B0WYV516 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 9.85 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number : 8071A Food & Drink Group (The) PLC 06 August 2008 The Food and Drink Group plc ("FDG" or "the Group") Appointment of Administrators and sale of business FDG announces the sale of 17 bars following the appointment of business restructuring partners, Shay Bannon and David Gilbert of BDO Stoy Hayward LLP, as Joint Administrators of the Company on 6 August 2008. The bars have been sold to Mainpaint Ltd, a company backed by NBGI Private Equity, for a consideration which is not expected to result in any return to shareholders. The sale follows the Group obtaining additional financing in January 2008 and subsequently exploring a variety of strategic options over the past six months including raising new equity, reversing another business into the Group and a sale of the business, including the possibility of an offer to buy the Group's shares. Despite the support of the Group's principal shareholders and bankers, the deteriorating market conditions have resulted in the Group being unable to achieve a transaction to continue the Group's operations. The Board of The Food & Drink Group, commented: "The Group has been facing the most challenging economic conditions for decades which has reduced operational performance and has restricted investment in the Group's brands. These conditions have prevented the Group raising the further financing it needed. The sale of the business has secured the jobs of 300 of the Group's employees." Shay Bannon, Joint Administrator, commented: "A reduction in the amount of disposable income as a result of the current economic climate has played a role in the Group's difficulties. Securing a going concern sale of the business, which will protect 300 jobs, is positive news for the employees and the industry as a whole." For the avoidance of doubt, the Group is no longer in an 'offer period' for the purposes of the City Code on Takeovers and Mergers 6 August 2008 ENQUIRIES: College Hill Tel: 020 7457 2020 Justine Warren KBC Peel Hunt Tel: 020 7418 8900 Capel Irwin/Matt Goode BDO Stoy Hayward Tel: 0161 833 8324 or 07800 682841 Siobhan Murphy, PR manager This information is provided by RNS The company news service from the London Stock Exchange END MSCBLGDIXGGGGIL
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