Hewden search still on for backers

UK-based Hewden has confirmed it is still looking for new backers while it experiences financial concerns that could place its future in question.

The company said in online reports at the end of last month that it is suffering from a cash shortage which it puts down to business uncertainty following the Brexit vote.

Hewden has been working with Deloitte to either refinance or sell off the business but has £190m of borrowings that will expire over the next few months

“Hewden has been impacted by market uncertainty following the vote to leave the EU,” the company said in a statement. “The vote has adversely affected a number of large construction and capital investment projects.

“The company is in constructive dialogue with stakeholders to resolve the situation in a consensual manner and is optimistic that a positive solution will be found.”

“The company is working with its advisers Deloitte to reach agreement with lenders on an extension of its debt facilities, whilst also testing market appetite for a sale of the business.”

A Hewden representative confirmed to AI that the situation has not changed since those initial reports.