TRADE ANNOUNCEMENT UPDATE
On the 14th August I made a statement about the current trading position of IBS-STL UK. This was in response to concerns within the trade and rumours circulating regarding our solvency. At that time I informed you that we were neither going into liquidation nor administration and that we were in discussions with our bank, suppliers and external auditors to seek out ways in which we could work together to help improve our current cash flow problems and secure our future.
A team of external Accountants have since conducted a business review of the UK charity, and I am pleased to advise you that they have filed a report highlighting that although IBS-STL has been experiencing some severe cash flow difficulties during the summer months there is a sustainable business ministry model going forward.
We still face significant challenges in this current financial year and are continuing to work hard with our professional advisors, bankers and suppliers to resolve our cash flow challenges and return to normal trading conditions as soon as possible.
We have been quite overwhelmed and very encouraged by the many people who have been praying for us in the UK and from around the world and for the tangible and practical help and offers of help we have received from friends and ministry partners.
I would like to reiterate that IBS-STL UK is committed to serving the UK Christian trade. We continue to offer a same day despatch service on the widest possible range of titles and as we work through this difficult period, my prayer is that we will continue to support you as we partner together in our respective ministries.
I would also like to thank so many of you for your support of STL over the years and in particular for the many prayers and encouraging words for us in recent weeks.
Yours in Christ,
Keith Danby
15.9.09
A team of external Accountants have since conducted a business review of the UK charity, and I am pleased to advise you that they have filed a report highlighting that although IBS-STL has been experiencing some severe cash flow difficulties during the summer months there is a sustainable business ministry model going forward.
We still face significant challenges in this current financial year and are continuing to work hard with our professional advisors, bankers and suppliers to resolve our cash flow challenges and return to normal trading conditions as soon as possible.
We have been quite overwhelmed and very encouraged by the many people who have been praying for us in the UK and from around the world and for the tangible and practical help and offers of help we have received from friends and ministry partners.
I would like to reiterate that IBS-STL UK is committed to serving the UK Christian trade. We continue to offer a same day despatch service on the widest possible range of titles and as we work through this difficult period, my prayer is that we will continue to support you as we partner together in our respective ministries.
I would also like to thank so many of you for your support of STL over the years and in particular for the many prayers and encouraging words for us in recent weeks.
Yours in Christ,
Keith Danby
15.9.09
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