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EDITIONS
 Saturday, 25 January, 2003, 12:30 GMT
Cider firm raises financial concerns
Scrumpy Jack cans
Scrumpy Jack is one of Bulmers' leading cider brands
Troubled cider-making firm Bulmers has told investors it may not be able to pay its day-to-day expenditures.

The news is a further blow to the Hereford-based group which has issued five profit warnings in the past year.

Nearly 300 jobs have also been shed at the company since October.

Bulmer warned on Friday the position in its international markets had shown further deterioration.

'Sufficient capital'

That has raised the possibility that certain financial covenants agreed in November, might be breached in April.

The company said its banks remained supportive of its recovery strategy.

But it added: "The directors are unable to confirm that the group has sufficient working capital for the group's requirements over the next 12 months."

The latest developments emerged in an update to shareholders posted ahead of a meeting next month to approve the sale of Bulmer's Australian division.

The deal is expected to raise 22m and would be used to improve the company's debt position.

Bulmer's former chief executive Mike Hughes left the company in September and was replaced by ex-Whitbread employee Miles Templeman.


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See also:

19 Dec 02 | England
02 Oct 02 | England
30 Sep 02 | Business
08 Jul 02 | Business
05 Jul 02 | Business
30 May 02 | Business
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