|Troubled UK bookmaker Neville Porter has announced that one of its creditors has filed an application asking for it to have administrators appointed in order to save it as a going concern.|
At a court hearing tomorrow, administrators Begbies Traynor (Central) LLP will be put in charge of attempting to rescue the company, which saw its online business shut earlier this year after mounting losses. In addition, the firm suspended trading of its shares on London's Alternative Investment Market (AIM) pending clarification of its financial position after their value dropped by 95 percent.
“The company has received notice of a court hearing on June 27, 2008 following an application by a creditor of the company to appoint administrators,” read a statement from the embattled bookies.
“A further announcement will be made as soon as possible.”
If unsuccessful at saving the business, the administrators will be tasked with attempting to maximise the return to creditors, which could lead to a sale of the firm’s assets and property.
According to its most recent financial statement released in March, Neville Porter reported losses of $528,879 for the previous six months, which was in addition to the previous year's trading deficit of $1.8 million. It also reported that its prospects for the second half of the year would be challenging.