Last checked at 23 Sep 2011 07:00
Flying Brands Limited (the "Company")
Trading Statement
We are nearing the end of our Autumn selling season in Gardening Direct and the performance of the business has been significantly below management expectations. Trading across our other businesses has also been below expectations. We are currently reviewing our forecasts for the rest of the year in light of this but it is already clear that, in the absence of any further action, we would breach our banking covenants when these come to be tested in the second half of October. This would result in the need to further renegotiate our banking arrangements or seek a waiver from the bank.
Negotiations are at a very advanced stage in respect of the sale of certain non-core property assets and the Board hopes to make a further announcement about this very shortly.
For further information, please contact:
Flying Brands Limited 01245 228 300
Stephen Cook, Chief Executive
Anthony Gee, Finance Director
Smithfield Consultants 020 7360 4900John Kiely