Paragon Entertainment to appoint administrators
Paragon Entertainment said on Thursday that it has decided to appoint administrators "as soon as possible".
Following discussions with its lending bank, HSBC, the AIM-listed attraction design, production and fit-out business said it does not have sufficient cash resources to continue to trade and to pay its creditors as they fall due.
Shares in Paragon, which also announced the resignation of chief executive Damien Latham with immediate effect, have been suspended from trading on AIM.
Earlier this month, the company downgraded its guidance for 2018. Revenue guidance was revised to £9m from a range of £8.8m to £9.2m previously and Paragon said it expected to make an earnings before interest, tax, depreciation and amortisation loss of £2.7m, versus previous guidance of £2.3m to £2.5m.
The group also said it anticipated a pre-tax loss of £3m compared to a previous range of £2.5m to £2.7m.