The British Honey Company PLC, a premium honey and craft spirits producer, said it has initiated a review to explore its strategic and financing options, including potentially putting itself up for sale.
The Aquis-listed company said it is exploring financing options to support its near-term working capital requirements and that based on current management forecasts it expects to require this additional funding by the end of November.
“The board believes that it is in the best interests of all the company's stakeholders to explore all possible strategic and financing options at this time,” the company said in a statement. “In addition to further external investment in the business, these options may include a potential sale of the company as a whole or its business and assets.”
The company previously warned that its 2022 results were expected to fall below previous market expectations and that the publication of its 2021 results would be delayed. Its shares are currently suspended.
It said today that the board expects its 2021 results and the interim results to end June 2022 to be published before the end of this month.
It said the company has not yet received any expressions of interest and that there was no certainty that any offer will be forthcoming.
“The board maintains a positive outlook for the business beyond its near-term working capital pinch-point, highlighting a solid first half performance in the current financial year,” it said.