Urban Exposure receives new enquiries over loan book sale
Urban Exposure has confirmed that it has received several new enquiries regarding the possible sale of its loan book following the collapse of a sale to Honeycomb Holdings.
The firm said it would consider all credible proposals put forward, but that given current market conditions there was no guarantee that any of the proposals would lead to a satisfactory deal.
Urban Exposure is continuing to pursue its claim against Honeycomb Holdings and connected entities over the breach of the sale agreement of Urban Exposure Lendco.
Urban Exposure has confirmed that it has received several new enquiries regarding the possible sale of its loan book following the collapse of a sale to Honeycomb Holdings.
The firm said it would consider all credible proposals put forward, but that given current market conditions there was no guarantee that any of the proposals would lead to a satisfactory deal.
Urban Exposure is continuing to pursue its claim against Honeycomb Holdings and connected entities over the breach of the sale agreement of Urban Exposure Lendco.
Urban Exposure is expected to publish its full-year results for 2019 next month, but reported that on an unaudited basis it anticipates a pretax profit of £200,000, revenue of £9m and total costs of £8.8m. The tangible net asset value of the company was £133m, representing 83.9p per share.
The firm has furloughed and reduced the hours of 13 employees out of 30. Urban Exposure’s chief executive, chief operating officer, chief financial officer and chief revenue officer are also to take a 10% pay cut from 1 May for three months.
The firm will also not pay any bonuses for 2019, saving £2.1m, and will not proceed with paying its final dividend instalment, which totalled £5.3m.
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