Recovery long way off, says Alldays

CHIEF executive Stuart Lawson has admitted that debt-laden convenience stores group Alldays faces a long road to recovery.

Most of its 637 stores are now owned by the company following a restructuring. Staff have been motivated by higher pay and special training courses as the group continues to fight off the supermarkets by offering 7am-to-11pm service on the High Streets.

Lawson said, however, that 'the level of borrowings is undermining our ability to improve our profits by investing in the business'.

Having renegotiated bank loan interest rates, he warned of the 'need for a financial reconstruction' and said he was considering various options.

Pre-tax losses were £7.3m in the year to 29 October against £64m previously. Like-for-like sales grew 4.5%. There is no dividend.