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Banks back Erinaceous

Troubled property services firm Erinaceous has secured ongoing funding from its banks whilst it continues a strategic review to reduce the firm’s debt levels.

The cash-strapped company is in the advanced stages of a plan to steady its finances.

In a statement to the Stock Exchange, the board said it was looking into selling Erinaceous Insurance Services to raise cash.

The firm’s founders Neil Bellis and Lucy Cummings resigned from the group in January following ongoing pressure for them to go after a string of poor results.

The pair were put on gardening leave last November and turnaround veteran Tim Redburn was appointed interim chief executive.