Troubled Tanfield looking for adviser
Electric vehicle company searching for a firm to give it the all clear after being hit by a slump in the market
Tanfield plc, formerly the biggest company on the AIM exchange is making a
last ditch bid to help reverse its fortunes by calling in the accountants after
a turbulent period which saw its share price nosedive by more than 80% last
week.
Sources say that the electric vehicle maker is looking for an adviser to work
out whether the business can continue as a going concern.
Investors have strongly criticised Tanfield, levelling accusations of
incompetence and malpractice at the top brass, the
Sunday
Telegraph reported.
Analysts also called the financial stability of the company into question.
Mike Stoddart, of Daniel Stewart Securities, said: ‘When we met the company on 2
June, the guidance from the finance director was that cash at the end of June
would be £18m. Now they are saying it was £11m. This is a major problem.’
Tanfield’s management has put its problems down to a slump in the powered
access market in talks with investors and is nowlooking for a clean bill of
health.