The future of legal, finance and IT recruiter Greatfleet is uncertain after a series of regulatory announcements issued on the London Stock Exchange website.
 
On July 9, the company said its shares had been suspended from AIM (the Alternative Investment Market), pending clarification of the company’s financial position.

The following day, it announced that a major creditor was demanding “immediate repayment of significant amounts” owed to it.

The company said that as a consequence its invoice discounting provider was “no longer prepared to advance funds
to the company until a payment plan had been agreed with the creditor concerned.” 

It also said that trading at Longbridge, the group’s search and selection business had “ deteriorated significantly” in May and June to a level “well below management’s expectations”. 

On July 14, the company announced that it was working with recovery advisers to consider possible options, including “re-negotiation of the amounts owed to the company’s major creditor, a sale of some or all of the company assets and/or a refinancing of the company. “

The company declined to comment.