In August Headlam Group (HEAD) was “pleased to confirm… sale of Netherlands businesses” and even on announcing “Intention to Appoint Administrators” at the start of last month it stated this “provides a period of protection for the group and its creditors while discussions remain ongoing with stakeholders”.
Yesterday shares in floor coverings group Headlam (HEAD) were suspended and the company admitted that it was intending to appoint administrators. It is game over for shareholders who ignored numerous warnings from myself and Steve as they will lose everything. Now wind back to last week and meet Ashley.
Less than a week ago Headlam Group (HEAD) was “pleased to confirm… sale of Netherlands businesses” arguing it “enables greater management attention to be directed towards the group’s UK business, its customers and its operational priorities”. I concluded with that ‘I suggest the Netherlands businesses sale doesn’t materially change the situation and a now below 10p share price, £8 million market cap, still financially-distressed sell’. The shares most recently closed at 10.5p, but at 07:39 this morning an announcement of “Intention to Appoint Administrators & Suspension”.
Floor coverings distributor Headlam (HEAD) has announced “Sale of Netherlands businesses” emphasising it as “a further step… to simplify the group and its operating structure… enables greater management attention to be directed towards the group’s UK business, its customers and its operational priorities”. So not a material cash inflow ‘step’ then?
In May on group describing itself as “the UK’s leading floor coverings distributor” Headlam (HEAD), I wrote ‘shares bounce on a property disposals completion but still other financing looks like being required!’ and still a sell as the shares rose above 43p. They most recently closed below 20p and what about now a “Trading Update and Strategic Review” – which tends to mean current trading means not knowing currently what to do?
Floor coverings distributor Headlam Group (HEAD) has issued a “Requisitioned General Meeting – Voting Results” announcement stating that it “is pleased to announce the results… All five resolutions proposed by FS, including those seeking the removal of three existing non-executive directors and the appointment of two new non-executive directors nominated by FS, were decisively defeated”. Were they though?…
Describing itself as “the UK’s leading floor coverings distributor”, Headlam Group (HEAD) has announced a “property disposals completion… results in c.£15.3m net of proceeds… will strengthen the balance sheet and be used to invest in working capital”. The shares have currently responded up more than 17% to above 43p, but how significant really is the news?
Describing itself as “the UK’s leading floor coverings distributor”, Headlam Group (HEAD) has issued a “Trading Update” including noting a “planned reduction in certain sales activity as the business implements its new core customer strategy to refocus on independent retailers and flooring contractors… Under the leadership of the new management team who have now been in place for eight weeks, certain operational improvements have already been implemented… remains focused on delivering further significant operational and commercial improvements”. So what about a current more than 12% lower share price response towards 31p?
Floorcoverings distribution group Headlam (HEAD) yesterday announced receipt of a notice from shareholder First Seagull AS seeking to remove the chair and two non-executive directors and appoint two nominees of First Seagull as non-executives. What of now a “Board response to First Seagull letter”?
Headlam Group (HEAD) has announced that a member of its board “received a notice purporting to be a requisition notice from First Seagull AS to convene a general meeting… proposed resolutions to remove the chair and two non-executive directors of the board and appoint two nominees of FS as non-executive directors including Stian Husvaeg, who is Managing Director of FS”. What about this, with shares in Headlam currently up to around 30p in response?
Most recently on group describing itself as “the UK’s leading floorcoverings distributor” Headlam (HEAD), in November with the shares falling to 50p I noted ‘warns already “below expectations” only “outlined at the interim results in September”!’ and concluded there is only so much a programme of measures can do before sales improvement is needed and still a sell. The shares most recently closed at 44.8p and what of now its results for the 2025 calendar year and the shares currently falling further, towards 42p?
