Ince Group PLC (The) Intention to appoint administrator (0125W)
April 12 2023 - 9:30AM
UK Regulatory
TIDMINCE
RNS Number : 0125W
Ince Group PLC (The)
12 April 2023
12 April 2023
IMMEDIATE RELEASE
The Ince Group plc
("Ince", the "Company" or the "Group")
Intention to appoint administrator
Further to its announcement on 14 March 2023, the Company
confirms that its audit process for the financial year ended 31
March 2022 remains uncompleted. The Company's shares have been
suspended since 3 January 2023 and the length of the auditing
process has put increasing pressure on the cash flows of the
business. As a result, the Company has been holding discussions
with its major lender and other creditors, including HMRC, to
establish their level of support.
The Company has now been informed by a major creditor that it
will no longer continue to support the business and, as a result,
in order to preserve the future value of the Group's business and
to protect the interests of employees and other stakeholders, the
Board of the Company has regrettably concluded that it has no
choice but to place the Company into administration.
Accordingly, the directors of the Company and each of Ince
Consulting Holdings Limited and Ince Gordon Dadds Services Limited
and the members of Ince Gordon Dadds Holdings LLP and Ince Gordon
Dadds LLP have resolved today to file documents with the Court to
appoint Quantuma as administrator, in the expectation that Quantuma
will implement a sale of the Group's business to a third party
purchaser as soon as possible.
Contacts:
The Ince Group plc
Donald Brown, Group Chief Executive investorrelations@incegd.com
Simon Oakes, Chief Financial Officer
Allenby Capital Limited - Nominated Adviser
& Broker +44 (0) 20 3328 5656
Jeremy Porter / Piers Shimwell, Corporate Finance
Tony Quirke / Amrit Nahal / Joscelin Pinnington,
Sales & Corporate Broking
SEC Newgate - Financial Communications +44 (0) 20 3757 6882
Elisabeth Cowell incegroupplc@secnewgate.co.uk
Q uantuma Advisory Limited +44 (0) 1273 322400
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END
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