Epwin Group PLC Customer Update (9088P)
September 06 2017 - 1:00AM
UK Regulatory
TIDMEPWN
RNS Number : 9088P
Epwin Group PLC
06 September 2017
6 September 2017
The information contained within this announcement is deemed by
the Company to constitute inside information stipulated under the
Market Abuse Regulation (EU) No. 596/2014. Upon the publication of
this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Epwin Group Plc
("Epwin" or the "Group")
Customer Update
Epwin Group Plc, the low maintenance building products
manufacturer, supplying businesses in the Repair, Maintenance and
Improvement ("RMI"), new build and social housing sectors,
announces the following update regarding the changing circumstances
within its customer base.
In the trading update on 16 August 2017 Epwin announced that one
of the Group's customers, accounting for around 5% of the Group's
revenue, was facing significant funding issues and undertaking a
strategic review. At that time the implications of this were
unclear.
On 31 August 2017 the parent company of the customer in
question, Entu (UK) plc ("Entu") appointed administrators who sold
the trade and assets of this customer to a new entity which has
indicated their intention to maintain continuity of trading and to
invest in the business. Epwin is currently supplying product on a
cash basis to this entity and discussions on any future trading
relationship are ongoing.
At the time the administrators were appointed to Entu a debtor
balance, net of VAT, of cGBP3.9 million was outstanding from this
customer. The level of recoverability of this debtor is not able to
be determined at this stage pending discussions with the
administrators.
Whilst it is obviously disappointing to report this, these
amounts are well within the Group's financial capacity and are
non-recurring. As stated on 16 August 2017, the Group's financial
position remains strong with net debt at the half year less than
one times 2016 EBITDA and with significant funding headroom to
continue to invest in the business.
The Group will update shareholders on these matters in due
course, as appropriate.
Contact information
Epwin Group Plc
Jon Bednall, Chief Executive
Chris Empson, Group Finance
Director 0203 128 8100
Zeus Capital Limited (Nomad
and Joint Broker)
Nick Cowles / Jamie Peel 0161 831 1512
John Goold / Dominic King 0203 829 5000
Panmure Gordon (UK) Limited
(Joint Broker)
Erik Anderson / Andrew
Potts 0207 886 2500
MHP Communications
Reg Hoare / Charlie Barker 0203 128 8100
This information is provided by RNS
The company news service from the London Stock Exchange
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