CDU shares cancelled on AIM
SHARE trading in troubled Staffordshire clothing manufacturer CDU – formerly Slimma – was cancelled today.
Confirmation of the move came in a brief announcement from the London Stock Exchange, which said the shares had been cancelled on the Alternative Investment Market as of this morning.
The move comes a month after receivers were called in to the Leek-based business.
The company, which employs 44 people, changed its name from Slimma to CDU in February following the sale of its Slimma and Splendour brands to online fashion retailer N Brown.
Following the sale, CDU was left to focus on the design, sourcing and wholesale of its remaining brands Frank Usher, Coterie, Michel Ambers and Dusk.
The company, which has been trading for 60 years, announced that it was in difficulty because its banking facilities were unlikely to be extended beyond the end of March.
In a statement to the London Stock Exchange, the firm had said: “CDU is facing a period of financial uncertainty pending clarification of what actions its bankers will take if and when the banking facilities are not renewed.”
Receiver John Whitfield, of MCR, said the firm had suffered from the decline in the retail fashion sector it was continuing to trade in the hope a buyer could be found.
