Summary
FEARS that 127- year- old Dorset- based department stores group Beale could be heading for the knacker's yard should trading conditions in the High Street deteriorate any further left the shares 7p down at 28 1 / 2 p. Chairman Mike Killingley rang alarm bells by warning that it may breach banking covenants in the current financial year, which could cast doubts on its ability to trade as a going concern.
In other words, its position remains extremely precarious even though it recently secured a new Pounds 9m loan facility with HSBC, repayable in February 2011, in addition to the existing Pounds 500,000 overdraft facility payable on demand.See the full content of this document
Extract
More Struggles in Store at Beale ; Market Report
Along with publication of poor full-year results, Killingley said the earliest he expects any improvement in the trading environment is 2010. Net debt at the end of the year rose to Pounds 7.8m fro...
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