Erinaceous warned yesterday that it may collapse. The Times. Financial Times. The Daily Telegraph
Nigel Turnbull, the company’s chairman, who has taken over day-to-day control of the buciness from former chief executive Neil Bellis, has started a strategic review of the group that is likely to lead to a break-up of the ‘one-stop shop’s’ various businesses.
Turnbull revealed that it made pretax losses of £3.1m for the six months to the end of June, compared with profits of £12m last time. Net debts more than doubled to £168.1m.
In notes to the interim accounts, the company’s directors said there was ‘a material uncertainty which may cast significant doubt as to the group’s ability to continue as a going concern and therefore it may be unable to realise its assets and discharge its liabilities in the normal course of business.’