Wynnstay Group PLC Appointment of Administrators & Sale of 18 Stores (2439T)
October 10 2017 - 12:26PM
UK Regulatory
TIDMWYN
RNS Number : 2439T
Wynnstay Group PLC
10 October 2017
AIM: WYN
10 October 2017
WYNNSTAY GROUP PLC
("Wynnstay" or "the Company")
Just for Pets
Appointment of Administrators & Sale of 18 Stores
Following the announcement of 14 September 2017, Wynnstay
reports that Christopher Benjamin Barrett and John Allan Carpenter
of Dow Schofield Watts Business Recovery LLP have been appointed as
Administrators to Just for Pets Ltd ("JfP), and that terms have
been agreed by the Administrators for the sale of 18 stores to PSR
Trading Ltd. The remaining 7 stores are, unfortunately, expected to
be closed.
Wynnstay will continue to work with the Administrators to ensure
the preservation of as much value as possible for all stakeholders
of JfP.
The full details of the exceptional charges relating to the
write-off of net assets of JfP and associated costs will be
provided with the Company's full-year results.
As previously reported, for the six months to 30 April 2017, JfP
generated revenues of GBP7.0m, representing approximately 3% of
Wynnstay's total revenues for the period, and an operating loss of
GBP0.25m. The Company's total adjusted operating profit for this
period was GBP4.24m. Net assets relating to JfP stand at
approximately GBP2.2m at the time of the Administrators
appointment.
Enquiries:
Wynnstay Group plc Ken Greetham, Chief Today
Executive T: 020 3178
Paul Roberts, Finance 6384
Director
KTZ Communications Katie Tzouliadis T: 020 3178
/ Irene Bermont-Penn 6378
/ Emma Pearson
Shore Capital (Nomad Stephane Auton / T: 020 7408
and Broker) Patrick Castle 4090
This information is provided by RNS
The company news service from the London Stock Exchange
END
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October 10, 2017 12:26 ET (16:26 GMT)
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