Vantis admits doubts over funding; Shares suspended

Share trading in Vantis, the parent company of IFA Vantis Financial Management, has been suspended after the group admitted it may not have sufficient funding to continue to trade on a going concern basis.

Vantis had previously announced it was in discussions with both potential new investors and its debt providers in a bid to reduce its debt obligations.

In addition, Vantis' CEO Paul Jackson and head of business Recovery Nigel Hamilton-Smith resigned as directors of the group on Saturday. Steve Smith, currently finance director, will take over all executive responsibilities until a replacement CEO is identified.

In accordance with the AIM Rules, Vantis' share trading is suspended pending clarification of its financial position.

"As has been previously announced, the board of Vantis has been focussed on reducing the company's level of debt," the statement reads.

"The board now announces that, although discussions continue in relation to the disposal of certain of the company's assets as well as with both potential new investors and its debt providers, it can no longer be certain that it will continue to have sufficient funding to enable it to continue to trade on a going concern basis."