Subsequent to the issuing of a profit warning last month and warnings of exceptional changes in its final quarter, the factoring and invoice discounting group, Euro Sales Finance, has put itself up for sale, saying that it would be better with a cash rich company behind it.
The company lost two-thirds of its stock market value last month after it warned of a cashflow squeeze caused by overly rapid expansion in France and Germany which it did not have the resources to fund.
Chairman Colin Rutherford (who was appointed executive chairman a month ago when founding chief executive Ian Fitz-Harris stepped down) said that the group’s syndicate of six banks, co-ordinated by the Bank of Scotland, has agreed to extend its Ј450m loan facility until July.
