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Flying Brands warns it could breach banking covenants

Flying Brands this morning warned that trading had been below management expectations, and that it will breach its banking covenants next month unless it takes further action.

The company said that as it approaches the end of its Autumn selling season for its Gardening Direct brand, it is clear that the performance of the brand has been “significantly below expectations” while its other businesses have also performed below expectations.

It said it is reviewing its forecasts for the year but said that “in the absence of any further action, we would breach our banking covenants when they come to be tested in the second half of October”. The company added it would need to renegotiate the covenants or seek a waiver from its bank if that were to happen.

The company added that is is in advanced talks to sell some non-core property assets.

Source : Tim Danaher – Retail Week

23 September 2011
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