A butcher chain listed on the London Stock Exchange’s junior market has appointed administrators, putting hundreds of jobs will be at risk.
The move by Crawshaw Group, which has 54 stores across the UK employing 600 people, comes after it failed to find extra cash needed to address what it described as “key issues it had identified with the company”.
In a statement to the stock market on Wednesday, Crawshaw said: “The board has been in discussions with existing investors and prospective investors.
“In order to protect both shareholders and creditors, the board has taken the decision to place the company into administration and intends to appoint administrators shortly with the purpose of seeking buyers for the group’s business and assets on a going concern basis.”
Shares were suspended on Wednesday as the firm appointed administrators.
Crawshaw had previously announced it was exploring the possibility of raising cash through fundraising so it could keep going.
Following talks with shareholders, Crawshaw has announced that it had not been able to carry out the fund raise, thus meaning the group could no longer carry out the restructuring needed due to not having the necessary funds.