Bagir Group Ltd Financial Update (6639I)

TIDMBAGR

RNS Number : 6639I

Bagir Group Ltd

03 April 2020

Bagir Group Ltd.

("Bagir", the "Group" or the "Company")

Financial Update

Bagir (AIM: BAGR), a designer, creator and provider of innovative tailoring, following its announcement on 24 March 2020 provides a further update on trading and financial position in light of the COVID-19 pandemic.

The Company has continued to experience existing orders being placed on hold or cancelled by customers, with a significant proportion of the Company's previous order book now on hold or cancelled.

As a result of the limited visibility on future revenues and payments by customers , particularly in our key markets in the UK and US and, as a result of, our current cash balance, the Board anticipates that the Company has insufficient cash resources available to operate the business as a going concern.

Accordingly, the Board is actively assessing its options, which include seeking immediate additional funding to support the Company's working capital needs. In addition, the Board is taking legal advice, including insolvency advice, as to its options.

Due to the uncertainty of the Group's financial position, the Board has requested an immediate suspension of trading in the Company's shares on the London Stock Exchange.

Further updates to shareholders will be made accordingly.

For further information, please contact:

 
Bagir Group Ltd.                        via Novella on: 
 Tessa Laws, Non-Executive Chair         +44 (0) 20 3151 7008 
 Micha Ronen, Chief Executive Officer 
 Dotan Levy, Chief Financial Officer 
N+1 Singer 
 Mark Taylor 
 James Moat                             +44 (0) 20 7496 3000 
Novella 
 Tim Robertson 
 Fergus Young                           +44 (0) 20 3151 7008

For more information about Bagir, please visit the Company's website: https://www.bagirgroup.com/

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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April 03, 2020 02:30 ET (06:30 GMT)

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