Erinaceous hoping to avoid administration

Posted on Posted in INDUSTRY NEWS

Troubled UK surveyors, commercial property agents and buildings management firm Erinaceous has announced that it is working hard to save itself from going into administration.

Its new management team, headed up by temporary chief executive Tim Redburn, is hoping to agree a recovery strategy with bankers before Christmas – and it says that this deal might involve the sale of some of its assets.

"It’s too early to say what the outcome will be, and at present we don’t rule anything in or out," Mr Redburn said in an interview with The Times.

"Naturally, we will be discussing our proposed strategy with our bankers once we’re clearer on the best course of action for the company.

"We’re anxious to reach a satisfactory conclusion as soon as possible and remove the uncertainty which has surrounded the company over the past few weeks."

Earlier this year, Erinaceous was valued at £400 million – but recent trading has seen its share price drop to just 161/4p, giving it a market value of just £17 million.

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