Albemarle & Bond abandons sale process
Pawnbroker Albemarle & Bond has announced that it has abandoned its attempts to sell the business and warned that its shares may hold little value.
The group has been seeking a buyer since early December.
In a statement issued today, Albemarle & Bond said that despite a number of proposals being received from interested parties, none of the proposals were deemed to represent a fair value for the business.
In addition the group said: “Whilst alternative options continue to be explored, the board of Albemarle now believes that, depending on the final outcome, there may be limited value attributable to the ordinary shares.”
Meanwhile, Albemarle & Bond’s lenders have agreed to extend the covenant deferral for a period up to 31 March 2014 while the board continues to explore alternative options to maximise value for stakeholders.
Albemarle & Bond was hit by the falling the price of gold last year which left the group with big losses.
