Home Business Business News
Cleaning firm’s shares plunge
Jun 11 2008 by Alistair Houghton, Liverpool Daily Post
SHARES in dry cleaning firm Johnson Service Group plunged yesterday on their first day on the Alternative Investment Market (AIM).
The company, which had faced months of uncertainty about its future thanks to high debt levels, moved its shares from the main list in a bid to save money thanks to the less burdensome regulatory requirements on AIM.
Shares yesterday closed down 17%, at 23p.
Johnson was founded in Merseyside but moved its headquarters from Bootle to London last year. The Johnson Cleaners chain remains based in Prescot.
One analyst, who did not wish to be named, said yesterday’s fall was a sign of how volatile the group’s share price had been in recent months.
The price sunk to 14p in March, but rose to 36.5p in May after the group sold its corporate clothing arm and securing a refinancing deal.
The analyst said: “We’ve got to the point where there’s very little value left in the equity. It goes up and down with the weather.
“It’s a small market capitalisation for a big business.”
Site Tools
Related Stories
Hot Deals
Copyright and Trade Mark Notice © 2009 owned by or licensed to Trinity Mirror North West & North Wales Limited. Liverpool Daily Post™ is a trade mark of Trinity Mirror North West & North Wales Limited. Please read our Terms and Conditions and Privacy Statement before using this site.
The Liverpool Daily Post, the best source for Liverpool FC, Everton FC and Liverpool news. Your Liverpool Daily Post, great local images, videos and your local stories.