BHC.AQSE

British Honey Company PLC (The)
British Honey Co. - Intention to appoint Administrators & Suspension
21st March 2023, 07:00
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RNS Number : 5959T
British Honey Company PLC (The)
21 March 2023
 

21 March 2023

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The British Honey Company plc

("BHC" or the "Company")

 

Update on Funding, Intention to Appoint Administrators and Suspension of Trading

 

The Board commenced a Strategic Review under a Formal Sales Process on 13 October 2022 to explore the strategic and financing options available to the Company, including the possibility of a sale of the Company. On 14 December 2022 the Board announced it had secured funding in the form of a loan for £750,000, to support near term working capital requirements. This also concluded the Strategic Review. At that time the Board made clear that further funding would need to be secured early this year, which the Company has attempted to identify since this date, but it has proved extremely challenging, with no offer of funding support being forthcoming to date. Significant costs savings have been made in the business in order to conserve cash. Notwithstanding these cost savings, BHC will require further funding by end of March 2023, based on current management forecasts.  Regrettably, the Board has concluded that it is required to take the necessary steps to preserve value for creditors. The Board has therefore resolved to file notice of its intention to appoint administrators, with a view to appointing Partners of FRP Advisory Trading Limited as administrators of BHC.

 

A further announcement will be made once administrators are formally appointed by the courts.

 

Suspension of Trading on AQUIS

 

In light of the above, the Board announces that it has requested a suspension of trading in the Company's ordinary shares on AQUIS with effect from 8:00 a.m. today.

 

Enquiries:

 

The British Honey Company plc

Richard Day / Mark Jones

 

finnCap -

AQSE Corporate Adviser & Joint Broker

Carl Holmes / George Dollemore (corporate finance)

 

 

 

 

via Walbrook PR Limited

(see below)

 

Tel: +44 (0)20 7220 0500

Stanford Capital Partners -

Joint Broker

Patrick Claridge / John Howes / Bob Pountney

 

 Walbrook PR Limited

Financial PR

Paul Vann / Nick Rome /Joe Walker

Tel: +44 (0)20 3650 3650

 

 

 

 

 Tel: +44 (0)20 7933 8780

        +44 (0)7768 807631

britishhoney@walbrookpr.com

 

 

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