The AIM-listed Felix Group today put last signatures on the papers concluding a £11.7m acquisition of Crawshaw, a meat retailer. However, despite the successful deal, shares in Felix today plummeted by 15% to 0.85p.Both sides agreed on a a reverse takeover in an all share deal. The company will now be named as Crawshaw Group.
Rostherne-based group saw a surge in first-half pretax loss and before its plans to acquire Crawshaw. The company reported a pretax loss of £12.6m compared with £2.4m loss a year ago.
Revenue rose to £115,000 from £24,000 a year earlier.
But back in December, 2007 there were romours that a Felix's charismatic boss Andy Egan (pictured) and the former stuntman and chairman Richard Rose, have different views about the company's future and the viability of its leading product, Max Box, a retail kiosk with cashpoint, digital photo processing, gaming and shopping functions.
Mr Rose's statement said: "We have been placing trial kiosks with various high street multiple retailers in order that both parties may evaluate the commercial returns.
"We have also been enhancing and adding applications to the portfolio of Max Boxes already established, with the objective of achieving a near-term break-even position."
As of October, 2007 had 120 Max Box machines installed in cinemas, pubs, military bases and petrol station forecourts.
One more thin I'd like to point out - is the company's website. It has got an 'Error Code: -12263.' I think it's about the time to fix it.
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