Listed butcher Crawshaw crashes into administration with 600 jobs at risk
Butchers chain Crashaw suspended its shares this morning after it announced it was calling in the administrators.
The chain, which has 50 shops across the midlands and north of England, employs more than 600 people.
In a statement it said: “The company does not have sufficient cash resources to effect the required restructuring of the business.”
It said it intends to appoint administrators with the purpose of seeking buyers for the business on a going concern basis.
It requested suspension of its shares, which trade on London’s junior Aim market, with effect from 7.30am this morning.
On 26 October the board said it was considering a number of remedial actions including raising funds through an equity capital raising.
It said it had been in discussions with existing and prospective investors but said those discussions had been unsuccessful in raising additional capital.