LMH Loanmakers

    RNS Number : 7391G
  Loanmakers (Holdings) PLC
  27 October 2008
   

    Loanmakers (Holdings) Plc 
    ("Loanmakers" or the "Company")

    Trading Update

    The Board makes the following statement updating shareholders on the position of the business.

    On 9 July 2008 we advised that the withdrawal of Firstplus from the secured loan market would have a material effect on business
volumes. With continuing turmoil in financial markets and in particular the widely publicised problems in the banking sector, Loanmakers has
experienced a further downturn in trading volumes. 

    On 13 October 2008 the Company announced that certain resolutions to, inter alia, approve a �1.86 million (gross) fundraising,
underwritten by the Chief Executive Ges Ratcliffe, were not approved. Accordingly, the Company did not receive the capital injection it had
anticipated, which was required to protect the Company's infrastructure during these times of economic turmoil, the 'credit crunch' and
period of tighter lending standards. After this failure to secure the necessary level of shareholder support for the fund raising, the Board
believes the business's best course of action is to reduce to a scale which will ensure survival and allow the business to build again when
market conditions allow.  

    In light of these circumstances, we have now entered a period of consultation with staff which may result in the need for staff
redundancies. In June when new management were introduced to the business the total headcount was in excess of 100.  This has since reduced
to around 70 and at this stage we expect a further reduction in staff numbers of approximately 50%.

    27 October 2008

    Further information:

    Loanmakers (Holdings) Plc               Tel:  01204 678 200
    Ges Ratcliffe, Chief Executive


    Charles Stanley Securities                 Tel: 020 7149 6000
    Nominated Adviser and Broker 
    Richard Thompson / Carl Holmes


This information is provided by RNS
The company news service from the London Stock Exchange
 
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