today after the group announced it would cut staff, withdraw its
final dividend and said that it does not expect to make a profit
this year.
This summer, following an extensive rebranding exercise,
Davenham’s asset finance arm announced it was seeking growth in new
business of 50 percent. It has recently established new offices in
London, Glasgow and Bristol.
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The weakening property market has led to a rise in the level of
loan impairments, which has it Davenham hard. The group has
therefore announced it has stopped writing of new facilities in the
property division, has made more resources available to the group’s
specialist recovery unit, has cut staff by 20% and has withdrawn
its final dividend which was to be 7p.
“The markets in which the company operates have been exposed to
a rapidly deteriorating economic climate and, more recently, to
unprecedented turmoil in the financial markets,” the group said in
a statement.
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