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Topnotch breaches banking covenants
Topnotch Health Clubs yesterday admitted that it has breached banking covenants due to obligations to honour contracts to develop three further clubs.
The company is now in discussions with its bankers to agree on new financial facilities.
A strategic review was initiated after an announcement issued in August showed that trading in the first quarter had been below expectations - cited as being the result of 'certain of the recently acquired clubs continuing to make losses and progress taking longer than anticipated'.
As a result of the review, the board has appointed advisors to explore the strategic options available to the company.
Preliminary results for the year ended 30 April will be published on Wednesday 30 October. Details: www.topnotchhealthclubs.com
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