Abbeycrest considers selling assets

JEWELLERY manufacturer Abbeycrest said it would consider the sale of some of its assets to address its working capital issues.

The Leeds-based group released a statement today which confirmed the board will continue to pursue “all options available to address the ongoing constraints on the group’s working capital, including the possible refinancing of the group’s banking arrangements and the potential disposal of certain of the group’s assets”.

Towards the end of last year, Abbeycrest said it has successfully shrunk its cash requirements during its peak November period, but said it may need to do so again in January.

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The group warned in October it needed to extend its banking facilities or cut its working capital requirements by £0.2m in November.

Abbeycrest was established in 1979 by Michael Lever and Peter Rosenberg, and grew rapidly to become the UK’s leading supplier of gold products to the jewellery trade.

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