British Honey Co PLC on Tuesday suspended its shares, after it revealed plans to call in administrators as it fails to secure long-term funding.

In October, the Buckinghamshire, England-based producer of spirits, honey and jams launched a strategic review to explore the strategic and financing options available. At the time, it explained that its options may include a potential sale of its company as a whole or its business and assets.

In December, British Honey said it had secured funding in the form of a £750,000 loan, to support near term working capital requirements, including its strategic review. It also said that further funding would need to be secured early this year.

On Tuesday, British Honey said it has ‘proved extremely challenging’ to secure any further funding and it has been unable to do so. However, it has made made ‘significant’ cost savings in order to conserve cash.

The company said: ‘Notwithstanding these cost savings, BHC will require further funding by end of March 2023, based on current management forecasts. Regrettably, the board has concluded that it is required to take the necessary steps to preserve value for creditors.’

British Honey has therefore decided to file notice of its intention to appoint administrators, with a view to appointing Partners of FRP Advisory Trading Ltd as administrators.

In light of this, the company has requested a suspension of trading in its shares, which took place on Tuesday.

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