GAR Garner

 
TIDMGAR 
 
30 March 2010 
 
                                  Garner plc 
 
                          ("Garner" or the "Company") 
 
                                Trading Update 
 
A board meeting was held today at which the directors of the Company carefully 
considered the financial position and prospects of BNB Recruitment Consultancy 
Limited ("BNBRC"), a 100 per cent owned subsidiary of the Company and one of 
the three companies acquired from BNB Recruitment Solutions plc in December 
2008. BNBRC has net current liabilities of approximately GBP1.6m including GBP 
879,000 owed to HMRC and GBP742,000 owed to other Garner group companies. It was 
agreed that there is no realistic prospect of BNBRC paying these debts and 
accordingly there is no alternative but to take the necessary steps to place 
the subsidiary into creditors' voluntary liquidation. 
 
Ernst & Young LLP have been instructed to assist the board of directors with 
the liquidation process. The employees of BNBRC were recently transferred to 
another subsidiary of the Company as part of the plan to consolidate the 
operations of the Garner group of companies. As a result, the liquidation of 
BNBRC will not impact the trading operations of the Garner group of companies. 
 
Trading within BNBRC in 2009 was worse than anticipated, with the downturn in 
the economy together with the costs of terminating contracts and restructuring 
the business resulting in this subsidiary suffering heavy losses. However, the 
Garner group of companies has made a promising start to 2010 and unaudited 
consolidated management accounts show that the Company traded profitably at the 
pre-tax level in the first quarter of the year. 
 
The Company has also been in discussions with the administrators to BNB 
Recruitment Solutions plc (in administration), to renegotiate the original 
terms of the acquisition. The Board is pleased to announce that an agreement in 
principal has been reached to reduce the total consideration payable, subject 
to the Company securing the necessary funding. 
 
A further announcement will be made in due course. 
 
ENQUIRIES: 
 
Garner plc                                                 Tel: 020 7629 8822 
 
Andrew Garner/Ben Felton 
 
Merchant John East Securities Limited                      Tel: 020 7628 2200 
 
John East/Simon Clements 
 
 
 
 
 
 
END 
 

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