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Styles & Wood shelves takeover talks

Styles & Wood has revealed it has shelved plans for a potential sale and has ceased all talks with acquirers.

The firm revealed last Thursday that it has agreed a “substantial refinancing deal designed to put it on a solid financial footing”.

The firm had previously said in March is was exploring a number of options to strengthen the balance sheet including a potential equity fund raising or sale of the business.

But as a result of the refinancing deal the firm now has the requisite cash and debt resources it needs to trade through the current economic cycle.

Styles & Wood revealed it had dived into the red with a pre-tax loss of almost £1 million in 2008.

The group’s profits plummeted – as clients put increasing pressure on margins – from a pre-tax profit of £11.8 million in 2007, to a loss of £950,000 last year.

Revenues also fell 23 per cent, from £315.5 million to £243.1 million.

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