Top Ten’s Continued Financial Woes

My buying shares in a company must be a kiss of death. We won’t mention the Woolworth shares as I should have known better at the time, but when I bought some in Top Ten Holdings PLC, the UK’s 3rd largest bingo chain, I thought I was getting a bargain. Then they lost 90% of their value, ouch. Luckily for me it was a very small investment, out of fun more than any real stock market skills and ambitions, but it seems that since that time, the groups banking covenants have been as broken as my stock portfolio.

There’s news today that the company is in real trouble. It’s been regularly in breach of its banking covenants since June 2008. They’re in discussion with the banks and will be continuing trading. However, the banks will be expecting a larger settlement when the company profits raise, well beyond the £30 million the company owe. Also, the company will be stopping trading of its shares on the AIM. Torrid times ahead for Top Ten I fear, let’s hope the clubs and staff are able to maintain their important role in the community.

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