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Friday, 14 October 2011

Discover Leisure's Shares Suspended

Discover Leisure, the motor home and caravan retailer based in East Yorkshire, has had its shares suspended this morning amid concerns about its funding.

Earlier this week, the company announced that it was looking for additional funding after a pre-tax loss for the year to the 31st August of £1.5m and a drop in turnover.

This morning the company issued a statement saying; "Despite the extremely challenging trading conditions and financial environment, the board has had some success in finding financial investors who have indicated an intention to invest additional capital or acquire certain assets of the company.

"However, the board now believes that it is increasingly unlikely that an acceptable solution to the funding issues which the group faces can be secured in the necessary timeframe.

"Accordingly, the company has requested a suspension of the listing and trading of the Company's ordinary shares with immediate effect, pending clarification of the company's financial position."

Discover Leisure, based in East Yorkshire, was the subject of a company voluntary arrangement in 2009 which saw it sell 11 trading sites.

The leisure sector has taken a bit of battering recently as consumers reign in their spending.  Caravans and Motor Homes are expensive items and it may be that people are putting off purchases or not going for the best models.

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