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Ashley House looking at legal options to recover monies owed

Ashley House recently sold its interest in the extra care developer, Morgan Ashley, to its joint venture partner to return its focus to affordable housing

Ashley House PLC -

Ashley House PLC (LON:ASH), the health and housing property partner, has signed three memoranda of understanding with institutional buyers of affordable housing.

The company added that a non-contracted pipeline is being established consisting of nine schemes, four of which already have outline or full planning approval, which would provide a total of around nine hundred affordable homes.

While the company continues to make progress with its affordable housing strategy, the market's main focus remains on the company's urgent need to secure funding to support the strategy.

The company noted that the funding would not be quite so urgent if two overdue debtors coughed up the sums they owe Ashley House, which total more than £1mln.

The company is pursuing legal remedies in an attempt to recover these debts and in the meantime is looking to dispose of non-core assets and continues cost-cutting measures to help its cash position.

On the subject of the latter, the company has decided that as it is listed on AIM there is little point in also being listed on NEX and it has served notice to quit the exchange on 26 March.

The shares will continue to be traded on AIM.

Quick facts: Ashley House PLC

Price: 1.2 GBX

AIM:ASH
Market: AIM
Market Cap: £735.02 k
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Ashley House working hard to build out its pipeline of community care schemes

Ashley House PLC's (LON:ASH) Antony Walters gives some detail around contracts they've signed to start work on a further two community care schemes. Financial close has been achieved on two Morgan Ashley schemes - one being a 75 apartment extra care scheme in Freshwater, Isle of Wight and...

on 23/5/19

2 min read