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(Sharecast News) - CEPS said on Monday Milano International, trading as leotard designer and manufacturer Milano Pro-Sport, was being placed into creditors' voluntary liquidation after its board concluded the business was no longer commercially viable.
Moorfields Advisory has been instructed to assist with the process and invite offers for Milano's assets.
CEPS said the liquidation was expected to lead Friedman's to write off about 600,000 of intercompany balances owed by Milano, while CEPS expects to increase a provision against 2.1m of loan notes by about 400,000.
The remaining 264,000 goodwill balance for Milano will also be fully impaired in CEPS's consolidated interim accounts.
At 1313 BST, shares in CEPS were down 8.05% at 40p.
Reporting by Josh White for Sharecast.com.
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