Encouraging signs for consultancy
Donnerstag, 19 November 2009
Leeds-based design and engineering consultancy White Young Green (WYG) has said it is witnessing encouraging trading signs, although financial conditions remain challenging.
The firm announced in October that a debt-for-equity swap has seen the banks take a majority stake. Lloyds, Royal Bank of Scotland and Fortis have converted £50 million of its £91.5 million debt and have taken a 60.5% shares of the business.
The rest of the money owed to the banks will be restructured into term debt and working capital facilities. This includes 38 million (£34.8 million) of committed bonding facilities with three-year terms. Should the proposal be approved, shareholders would own 15% of the firm, with an employee benefit trust owning 24.5%.
WYG, which has 500 of its 3,000 employees based in Leeds, reported that despite a lack of confidence and liquidity, there had still been new contract wins and other positive signs.
The group was also boosted by the news of annual profits of £12 million before £141 million in exceptional items and costs.
Copyright © Press Association 2009