Shares in the UK’s sixth largest architectural practice, Archial, were suspended on Friday afternoon (17 September)
The suspension was announced on the London Stock Exchange at 3:15pm just weeks after the company’s share price dropped 61 per cent.
The practice, which employs around 200 architects, has been in negotiations with HM Revenue & Customs over the scheduling of payment of unpaid tax.
Archial’s revenue in 2009 fell from £42.5 million to £33.9 million, with underlying pre-tax profit down to £1.49 million from £1.53 million.
When suspended this afternoon, the company was valued at £3.57 million. Interim accounts are due to be published on 29 September.
Archial was ranked sixth in the AJ100 survey of the UK’s largest practices. However it has been a tough couple of years for the outfit which was once the country’s second largest practice (trading under its former name the SMC Group), boasting 270 architects.
Chief exectuive Chris Littlemore (pictured) was unavailable to comment however the company did release this official statement:
The Board of Archial Group Plc (“Archial” or the “Group”) announces that it requested the suspension of trading of its shares on AIM which took place at 15.15 today.
The Company remains in discussions with HMRC with regards to amounts due in respect of prior tax years, as announced at the Group’s Trading Update on 26 August 2010. In light of the continued uncertainty of HMRC’s position ahead of a meeting scheduled for Tuesday 21 September 2010, the Board believes that it was appropriate that the shares were suspended without delay.
A further announcement will be made in due course.