Crawshaw considering equity fundraising

Crawshaw confirmed on Friday that it is considering an equity fundraising.

"As announced in the company's interim results on 26 September 2018, the board have completed their review of the business and is implementing its change programme to restore growth and profitability, which includes reviewing its structure and investment in traditional high street locations," it said.

Responding to press speculation, it went on to say that it is considering a number of remedial actions to address the key issues it has identified, which may include raising additional funding through an equity capital raising.

Crawshaw said no decision has been made yet and it will update the market in due course.

In its interim results last month, the value butcher posted a 1.9% drop in revenue to £21.6m and a widening of its pre-tax loss to £1.7m from £1.2m in the same period a year ago.

It said at the time that the results were disappointing, but not entirely surprising given tough market conditions.

At 0855 BST, the shares were down 17% to 2p.