FCA ends investigation into Blackburn toilet roll manufacturer
An investigation into Blackburn-based toilet roll maker Accrol has been closed.
The firm announced to the stock exchange today: “Further to Accrol’s announcements dated 21 January 2019, and 27 March 2019, notifying the market of an FCA investigation into the company, Accrol is pleased to announce that the FCA has notified it that the FCA has closed its investigation and will not be taking any action.”
Almost a year to the day, Accrol announced that it was being investigated by the Financial Conduct Authority.
The Blackburn firm confirmed it was being investigated over statements made to the market in 2017.
Shares in the firm dropped sharply on the news.
During the period under investigation Accrol issued a string of press releases and statements.
The Stock Market announcements included trading updates, its full-year results, the appointment of its chief executive, the suspension and subsequent restoration of trading on AIM, and an update on a health and safety incident.
One trading update issued in October 2017 announced that Accrol suspended its shares as it warned it was experiencing “more challenging trading conditions”.
This was accompanied by an expectation that its 2018 financial performance would be “significantly below existing market forecasts”.
Earlier in the month Accrol said the weakness of the pound and the uncertainty surrounding Brexit had affected its business.
When the markets opened this morning shares in Accrol rose 0.75p per share, to 39.50p, a 1.94% improvement.