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Albemarle & Bond on the brink as lenders pull the plug

Embattled pawnbroker Albemarle & Bond (LON:ABM) is on the brink after its lenders pulled the plug on a possible turnaround plan.

The company, whose shares have been suspended from trading on AIM until its financial position is made clearer, said it was told over the weekend its lenders would not be able to support management’s turnaround plan for the business.

The board said it is continuing to work with Albemarle & Bond’s lenders to find alternative options for stakeholders.

The remaining options available to the company however, including a sale, are unlikely to be of any value to shareholders.

The group’s struggles emerged last year following a slump in the price of gold.   


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