Working capital given to Abbeycrest

ABBEYCREST’S shares are to remain suspended despite the jewellery group receiving much needed funding.

Investment vehicle Chrysus Holdco has acquired the loans made to Abbeycrest by Moorgarth and Michael Lever, its ‘junior’ creditors. 

Chrysus has also provided £780,000 of funding to the group, almost £500,000 of which will be used to redeem the debt owed to Burdale Financial.

The remainder will provide additional working capital to one of Abbeycrest’s major subsidiaries Brown & Newirth “whilst the board continues to assess the options available in the short-term to allow the Group to remain as a going concern”. 

“Accordingly, Abbeycrest’s shares remain suspended from trading on the main market of London Stock Exchange pending further clarification regarding the group’s financial position,” the group said.

Abbeycrest moved its head office to Brown & Newirth’s headquarters in Hatfield, Hertfordshire, last month.

Its shares were suspended last week.