CEPS' Mail Delivery Business Sunline Direct To File For Administration

LONDON (Alliance News) - Investment company CEPS PLC said Wednesday that unit Sunline Direct ...

Alliance News 13 June, 2018 | 6:09PM
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LONDON (Alliance News) - Investment company CEPS PLC said Wednesday that unit Sunline Direct Mail Ltd has decided to appoint administrators as the business is "likely to require significant amounts of additional funding to move forward".

Sunline Direct Mail Ltd is a unit of Sunline Direct Mail (Holdings) Ltd, which in turn is 80% owned by CEPS.

CEPS said that the packaging and mail provider's order book is not filling in line with management views as it has been impacted by the introduction of the new European General Data Protection Regulations and the plastic waste debate.

The inter-company debt between CEPS and Sunline amounts to GBP2.8 million as at May 31.

CEPS shares closed 6.7% higher at 40.00 pence each on Wednesday.

By Elena Cherubini; elenacherubini@alliancenews.com.

Copyright 2018 Alliance News Limited. All Rights Reserved.

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Securities Mentioned in Article
Security Name Price Change (%) Morningstar
Rating
CEPS PLC 22.50 GBX -8.16 -
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