Abbeycrest shares suspended on funding woes

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SHARES in jewellery group Abbeycrest have been suspended after it failed to complete the sale of its Thai business as it struggles with financing.

The company, which recently moved its headquarters from Leeds to Hertfordshire, requested the suspension of its shares on the main market of the London Stock Exchange “pending clarification of the group’s financial position”.

The cash-strapped company recently said it pursuing all options to address is shortfall in working capital - including selling assets.

“The board confirms that it was seeking to sell Abbeycrest Thailand Limited (ATL), one of the group’s main operating subsidiaries, to an overseas buyer,”said the company.

“It is now clear to the board that there is no prospect of completing a sale of ATL within the time constraints imposed by Abbeycrest’s funding position.”