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Broadcast News
02/01/2002
VFG PLACED IN RECEIVERSHIP
VFG, the specialist Alternative Investment Market listed supplier of rented equipment such as cameras and lighting to the film and television industries, have been placed in receivership.
The company, which has an annualised turnover of circa £12 million, employs 121 staff in seven locations across the UK including London, where the head office is located.
The receivership has been caused by cash flow difficulties stemming from over-investment in capital equipment and unsuitable leasing arrangements. The receivers, KPMG Corporate Recovery, will continue to trade the company with a view to a financial restructuring which will ensure the survival of the business.
Dealings in the company’s shares on the AIM have been suspended and there are understood to be no plans for redundancies.
Receiver Blair Nimmo said: “We believe that VFG’s core business is fundamentally sound – the company just over-extended with their capital investment programme. We are confident that over the next two to three weeks VFG’s finances will be restructured in line with their forecast trading performance allowing the business to be sold as a going concern.”
(GB)
The company, which has an annualised turnover of circa £12 million, employs 121 staff in seven locations across the UK including London, where the head office is located.
The receivership has been caused by cash flow difficulties stemming from over-investment in capital equipment and unsuitable leasing arrangements. The receivers, KPMG Corporate Recovery, will continue to trade the company with a view to a financial restructuring which will ensure the survival of the business.
Dealings in the company’s shares on the AIM have been suspended and there are understood to be no plans for redundancies.
Receiver Blair Nimmo said: “We believe that VFG’s core business is fundamentally sound – the company just over-extended with their capital investment programme. We are confident that over the next two to three weeks VFG’s finances will be restructured in line with their forecast trading performance allowing the business to be sold as a going concern.”
(GB)
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