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Friday, 4 December 2009

Trade Update from IBS-STL U.K.

Trade Update from IBS-STL U.K. 4th December 2009

I wanted to take this opportunity to give you an update regarding our situation, as I know that many of you are eager to know how things have developed since our press release went out on 16th November.

We have received a wide ranging response from many within the trade, and we are grateful for the many messages of support, encouragement and prayers that have been received over these difficult times.

I can confirm that the sales process is now underway, with the help of Baker Tilly. We have received a number of offers covering all aspects of the business and have now selected our preferred bidders who are currently undertaking financial and operational due diligence. This is likely to take us into the week commencing 14th December by which time we should be able to conclude the sales process.

Whilst we are unable to speculate on final offers until the due diligence process is concluded, we are encouraged by the level and extent of the interest. We remain confident that one or more transactions will be concluded for various aspects of the business, thus ensuring a seamless continuation of supply to our many valued customers.

We recognise the support you have extended over recent weeks and want to re-assure you that not only are we continuing to trade with as little disruption as possible in the circumstances, but we are hopeful that the majority of the business will remain for the longer term.

I want to thank you for your patience and concern, and we will communicate again when the sale process comes to a conclusion.

Keith Danby

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