Crawshaw crash puts 600 jobs at risk
Meat retailer Crawshaw is to call in administrators after failing to raise emergency funding to stay afloat, putting 600 jobs at risk.
The Rotherham-based group, which operates from 42 high street stores and 12 factory outlets, said discussions with investors to raise cash had failed and that it does not have sufficient resources to carry out a restructuring.
As a result, Crawshaw’s board has taken the decision to appoint administrators with the purpose of seeking buyers for the group’s business and assets on a going concern basis.
Crawshaw’s shares were also suspended from trading on the London Stock Exchange’s junior AIM market.
It comes after the butcher said that it was attempting to raise equity to restore growth and profitability.
For the six months to July 29, the group posted revenue of £21.6m and a pre-tax loss of £1.7m.