Surging gold price hampers Abbeycrest’s recovery
The Leeds-based group agreed revised and extended facilities with its lenders in the UK and Thailand in May.
However, Abbeycrest said despite a “satisfactory” start to its financial year, its recovery has been “further impeded in recent weeks by difficult trading conditions, including continuing rising precious metal prices and retailer action to protect volumes”.
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Abbeycrest said it now needs to extend its facilities further or reduce its peak working capital needs by about £700,000 in October.
“The board is currently reviewing the options available to the group,” it said. It did not elaborate on what these options are.