Workwear shareholders to lose out

PEOPLE who bought shares in troubled uniform maker Alexandra will lose all the money they invested in the company, it has been announced.

But although investors have lost out, it is looking increasingly likely the firm will be sold as a going concern, safeguarding hundreds of jobs.

The company went into administration at the start of the month when it was no longer able to keep up payments on its bank loans.

Last night it emerged that the South Gloucestershire firm is on the verge of being sold – but the offers have been so low there will be no cash left over for people with shares in the business.

The Thornbury firm employs 300 people and it is likely the jobs will be saved if the deal goes through.

Robert Lewis, Robert Hunt and Derek Howell, from accountancy firm PricewaterhouseCoopers, are acting as administrators.

A spokesman for the trio said: "The administrators have received offers for the company's business and assets and are in advanced discussions with a number of bidders with a view to completing a transaction imminently.

"The offers received are at a level at which there is no prospect of any value being attributed to the ordinary shares in Alexandra."

The spokesman added: "No offer has been received for the company's ordinary shares and the company is not in discussions with any party regarding an offer for the ordinary shares.

"As a result there is no longer a value attributed to the ordinary shares of the company and it is no longer in an offer period."

As a result of the latest development an application has been made to the Stock Exchange to cancel the listing of the shares.