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Lilleshall slump

Lilleshall slump

LILLESHALL slumped pounds 18.1m into the red last year, compared with a pounds 3.9m profit before tax in 1997, following pounds 17.2m losses on disposals as the company decided to sell off its retail products arm to focus on industrial services.

The group, which last month warned it was in breach of banking covenants with Lloyds, has since agreed new debt terms with the bank, while GE Capital has agreed not to enforce its redemption rights over pounds 3.3m of preference shares in the next year in return for regular payments as disposals are completed.

Lilleshall shares fell 1p to 41.5p.