Invesco arms to receiver
PA Wellington Bankers have placed in receivership companies in the bedding group of Invesco Group. The subsidiaries are Classic Corp, Ultra Technology, Richfield Waterbeds and Bedlam Brass Beds. In a statement to the Stock Exchange yesterday Invesco said the companies had suffered a considerable downturn in sales in recent months, “a situation that can be attributed to a decline in the consumer durables mar-
ket in general and waterbeds in particular. “The directors agreed with the bankers to the bedding group that the appointment of a receiver was in the best interests of all parties and would provide the time necessary to assess the situation. “Every effort will be made to continue the operation of the companies and directors and executives will be working with the receiver to achieve this result.” The bankers were not named.
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Press, 28 January 1988, Page 25
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140Invesco arms to receiver Press, 28 January 1988, Page 25
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