Accrol hopes to raise £18m

By Lancashire Business View

20 Nov 2017

Accrol, the troubled Blackburn-based tissue manufacturer, plans to raise £18m through placing new shares on AIM.

The firm's shares were previously suspended from trading due to financial difficulties, resuming on Monday November 20.

Accrol also faces a heavy fine from the Health and Safety Executive, and recently announced plans to cut 89 jobs.

Through Zeus Capital, Accrol has offered 36 million new shares at 50p each to qualifying investors. The company says proceeds will be used to mitigate an identified short-term funding requirement, support future working capital requirements, implement restructuring, implement plans to review and improve the group's health and safety procedures, assist in meeting revised banking covenants, and pay costs associated with the placing.

Peter Cheung, chairman of Accrol, said: "The past few weeks have been extremely challenging for Accrol and its shareholders, as we navigated our way through industry-wide issues and sought a solution to the group's short-term funding problems.   

"Our new CEO, Gareth Jenkins, who joined the company on 11 September, is already having a positive impact on the business. He has completed a full operational review and a restructuring is now underway. Gareth's considerable industry knowledge and proven track record for delivering significant operational efficiencies give the board confidence going forward and we look forward to providing regular updates on the group's progress."

Latest news

1

Rospen shares global reach and industry expertise with MP Grant McGeever and Sarah Smith MP

Rospen shares global reach and industry expertise with MP

23 Dec 2024

2

The Flow Group acquires Blackburn based Modern Bookbinders in strategic asset purchase The Flow Group's Richard, Mick and Helen

The Flow Group acquires Blackburn based Modern Bookbinders in strategic asset purchase

23 Dec 2024

3

fulfilmentcrowd reports record-breaking performance LeeThompsonfulfilmentcrowd

fulfilmentcrowd reports record-breaking performance

20 Dec 2024

4

Record year for Grant Thornton Northern deals team The team

Record year for Grant Thornton Northern deals team

20 Dec 2024

5

New partner among family team hires as Brabners strengthens personal offer Cara Nuttall Chris Fairhurst And Hannah Saxe

New partner among family team hires as Brabners strengthens personal offer

20 Dec 2024

Background image for hub sign up block

LBV Hub

Leverage Lancashire Business View platforms

Post your news
Post your events
Post your offers
Build your network
Improve your SEO
Gain coverage in the magazine
Sign-up
Events
The Lancashire Festival of Business
FOB 315
Exhibitions
30 Jan 2025

The Lancashire Festival of Business

Impact Conferencing, Burnley, BB12 6QP

09:30 - 16:00

Skills Bootcamp in Procurement - Cohort 3
Blue-Modern-Land-Travel-Youtube-Thumbnail-2-1024x576.png.png
LBV Hub Awards
14 Jan 2025 - 18 Mar 2025

Skills Bootcamp in Procurement - Cohort 3

Community & Business Partners CIC, Blackburn, BB2 3UA

09:30 - 13:00

Preston Tech Connection - January Meet-Up
Nov Preston Tech Connection event banner-4.png.png
LBV Hub Networking
15 Jan 2025 - 15 Jan 2025

Preston Tech Connection - January Meet-Up

Society1 Coworking Space, Preston, PR1 3LT

18:00 - 19:30

R.I.S.E. and Shine
thumbnail_Emma Weston Illustration WENDY BOWERS RISE Illustrstion.jpg.jpg
LBV Hub Seminars
16 Jan 2025 - 16 Jan 2025

R.I.S.E. and Shine

East Lancashire Chamber of Commerce, Clayton le Moors, BB5 5JR

08:45 - 11:00

The Business Network Central & East Lancashire
LBV Hub Networking
16 Jan 2025 - 16 Jan 2025

The Business Network Central & East Lancashire

Mytton Fold, Langho, BB6 8AB

11:30 - 14:15

LBV120 Magazine Launch Event
DSC9389
Networking
17 Jan 2025

LBV120 Magazine Launch Event

Lancastrian Suite, Town Hall, Chorley, PR7 1DP

08:30 - 10:30

Red Rose Awards 2025
Red Rose Awards 2025
Awards
13 Mar 2025

Red Rose Awards 2025

Winter Gardens Blackpool

18:00 - 11:59

Advertise with us

Reaching 50,000 members, our print, digital and event platforms offer a fantastic way to raise your business profile and help you grow.

Find out more LBV118 Online Graphic
Subscribe now

Weekly news bulletin