Abbeycrest mulls asset sale to pull in capital

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Board releases update offering insight into possible action plans.

Jewellery manufacturer Abbeycrest is considering the sale of some of its assets in order to claw back some working capital.

The company, which owns bridal jewellery business Brown & Newirth and a manufacturing arm in Thailand, released a statement this morning listing “the disposal of certain assets” alongside a refinancing of its banking arrangements as possible strategies that the board is currently considering.

This latest update from Abbeycrest executive chairman Simon Ashton follows a funding update in November that advised shareholders that despite reducing working capital requirement by £200,000 that month it felt that it might need to do so again this month, or extend its banking facility.

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In November, the statement from Abbeycrest read that the board was reviewing options, and now it seems that an asset sale could be on the cards.

The full statement from Ashton, released this morning, reads: “Further to the announcement made on 30 November 2011, which stated that the group may again need to manage its working capital requirement during January 2012 and that the board was reviewing options available in order to achieve this, the board of Abbeycrest confirms that the directors continue to actively pursue all options available to address the ongoing constraints on the group’s working capital, including the possible refinancing of the group’s banking arrangements and the potential disposal of certain of the group’s assets."

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