PAWNBROKER Albemarle & Bond is scrambling to find a buyer of its £50m debts after it said talks for a traditional takeover had fallen through.
The firm, which has seen profits and its share price tumble after a collapse in the gold price last year, had been in discussions with several suitors to sell the equity of the company and turn over control of the business.
Yesterday it said it had terminated the process but would continue to search for another type of deal.
The company’s chief executive Chris Gillespie said: “Although the formal process has not resulted in a transaction, we continue to explore a number of options to take the business forward with the support of our banks.”
The business owes £50m to its lenders, Barclays and Lloyds, and a potential deal could see the banks sell the debt pile to another investor, turning over control of the company.
A person close to the company yesterday said the firm was not speaking with administrators and was confident a solution to salvage the firm could be found.