Cumbrian developer All Points North has suspended trading of its shares on the AIM.
The Penrith-based firm said that it had been unable to sell property assets in a bid to repay debts of £5.1m owed to lender Clydesdale Bank. The bank has asked All Points North to provide a proposal which will enable it to repay its debts in full by 30 April 2012.
The company said that it continues to look at its options including the disposal of properties within its portfolio.
In its interim results released on 22 December 2011, All Points North stated that it did not see the environment in which the company operates changing significantly in the medium term and that the company continues to be reliant on the support of the bank.
In a statement released this morning, it said: “The bank have stated that if an agreement is not reached with the company as to the way forward, it will be their intention to take whatever action is considered necessary to obtain repayment of outstanding sums.
“As a result, the company announces that it has requested a suspension, with immediate effect, of trading of its shares on AIM, pending clarification of its financial position.”
The company was founded in 1993 by Keith Chadwick and John Lyons and initially held one investment property in Blackpool, Lancashire.
daniel.cunningham@estatesgazette.com
