Shares in Archial have been suspended while the firm clarifies its financial position
Shares in struggling architect Archial have been suspended.
A one-line statement released by the stock exchange said: “At the request of the company, trading on AIM for the under-mentioned securities has been temporarily suspended from 17/09/2010 15:15 pending clarification of the company’s financial position.”
The news comes after Archial issued a profit warning on 26 August, for which it pinned the blame on cancelled and delayed projects. At the time the firm, which worked on high profile projects including Peckham Library (picture), said it was in discussions with its banks and shareholders over paying its tax bill.
Hours after its August profit warning Archial’s chief executive, Chris Littlemore, said: ‘’We continue to deliver great work. Like the vast majority of architectural and construction industry professional practices, we are finding trading challenging at the present time and we have, as many companies, issues requiring funding considerations and negotiations as a result. We are working to resolve the situation.”
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