Relax Group goes into administration

The Relax Group has been placed into administration with Jonathan Elman Avery-Gee of Kay Johnson Gee being appointed as administrators.

On 6 October 2009, the Company announced that it had requested a suspension of trading of its shares with immediate effect pending clarification of the Company’s financial position.

The company’s nominated adviser and broker have also resigned with immediate effect. If, within one month of the company ceasing to have a nominated adviser the Company has failed to appoint a replacement, the trading of its securities on AIM will be cancelled at 7.00am on 24 December 2009.

Relax Group Plc, through its subsidiaries, provides a range of solutions to over-indebted individuals. The range of services offered includes IVAs, trust deeds, debt management programmes, bankruptcy, secured and unsecured loans and mortgages.

The Group Companies are Debtcare Limited, The Debt Counsellors Limited, Synergi Partners Limited, Scarlet Loans & Mortgages Limited, Neville Eckley Limited, Adie Financial Solutions Limited, Relax Finance Limited, Relax Mortgages Limited and Relax Finance (Chester) Limited.