Judges subsidiary buys KE 22/02/2012
Scientific instruments specialist Judges Scientific (JDG) has unveiled that its 51 per cent owned subsidiary Deben has acquired Cambridge based rival KE Developments.
Abbeycrest shares frozen
Loss making jeweller Abbeycrest (ACR) has been forced to suspend its shares following a cash crunch at the debt laden firm.
Earlier this month Abbeycrest confirmed it was considering the sale of assets to help reduce borrowings. As part of this process the AIM counter was in talks to potentially dispose of its major Thailand operation to an overseas buyer. Unfortunately, the talks are unlikely to be concluded in a reasonable time frame for Abbeycrest.
Trading has proved very difficult, not least due to retailers pushing to protect volumes and sustained high prices in precious metal prices. To mitigate against this, Abbeycrest has slashed costs, which includes the recent relocation of its head office from Leeds to its Brown & Newirth subsidiary in Hatfield.
The shares were last trading at 1.5p, which valued the group at a shade over £1 million - unfortunately net debt is a hair raising £6.1 million. Now suspended, shareholders will be hoping chairman Simon Ashton can perform a miracle.
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