Trade Announcement
There have been a number of rumours circulating suggesting that IBS-STL U.K. is going into ‘liquidation’ or ‘administration’. I can confirm that the charity is neither in liquidation, nor in any form of administration.
A number of factors including the SAP implementation have caused STL Distribution serious Supply Chain difficulties, which have resulted in severe cash flow problems.
I met with a number of our key suppliers earlier this week in London to appraise them of the situation. In addition, the senior team have been seeking external help from our auditors to resolve the current problems.
Yesterday a meeting was held with the Charity’s bankers to discuss our ongoing cash requirements. We are facing significant challenges, but there is no immediate crisis within the Charity. We are working hard to overcome the current difficulties and return to a normal cash position as soon as possible. The Charity, its advisers, bankers and suppliers are working together towards a solution.
I reaffirm my commitment to support the UK Christian trade both in the retail and supply sectors. We continue to work hard as we want to give you the very highest possible levels of service. We remain committed to provide same day despatch, a wide range of resources to choose from, and a stock position that meets your needs. We highly value your on-going trade, support and trust, and pray that as we work together in the months ahead, our activities will continue to impact peoples lives for eternity.
Keith Danby
14.8.09
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