Rickstan to wind up
The receiver of the Rick-; stan group of companies ' says that the group is no ' longer in a position to continue trading under its present structure. The consortium of staff which earlier in the year purchased a 40 per cent holding in Rickstan Hold- 1 ings, Ltd, (in receivership) < has been unable to fund the company in the manner < which they had hoped. i The companies have con- i tinued to show losses over < the last few months, in spite i of rationalisation of group i trading activities. In addition a secured cred- <
,itor has served notice of his intention to take action to enforce his security. These facts have necessitated the receiver’s recommendation to the debenture holders that trading cease. The debenture holders had not previously taken action under their security in the hope that the consortium of staff could trade profitably. The directors have requested suspension of trading of the shares of Rickstan Holdings, Ltd, after the debenture holder’s instructions to the receiver to realise on assets. This request has been carried out
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Press, 14 June 1978, Page 25
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179Rickstan to wind up Press, 14 June 1978, Page 25
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