Printer sells arm to managers
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE DEBT reduction programme at Hunterprint, the specialist printer, continued yesterday with the sale of its business forms and office supplies company to management for pounds 1.85m, writes Heather Connon.
Coupled with the pounds 1.59m sale of property to Associated Newspapers and the waiver of pounds 1.5m of lease payments, yesterday's disposal will cut debt to pounds 17.7m from pounds 21.3m at 31 March. But that is still 50 per cent higher than shareholders' funds of pounds 11.8m at that date.
Yesterday's announcement warned that the results for the year to September will be 'very poor' due to cost overruns following the installation of three new presses and further provisions for settling litigation. Hunterprint also warned that it was close to the ceiling of its bank facilities, although it expects to have sufficient working capital until these expire on 31 January. Geoff Eades, finance director, said no other disposals were expected.
The shares closed 2p lower at 16p.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments