Shares digital

Training group Carter & Carter (CART) has gone into administration after talks collapsed over potential restructuring of its borrowings.

The company saw its shares suspended in October 2007 over problems with its financial accounts. Fake documents were found in learner records and the company’s auditors weren’t sure that booked revenue was accurate. Chief executive Phillip Carter was killed in a helicopter crash in May 2007 and the company has been troubled ever since. The finance and business development directors resigned. Group debt ballooned to £129 million in January 2008 from £86 million a year earlier, and this was forecast to hit £175 million by July to cover extra working capital requirements.

Shares says: It is likely to be delisted. Shareholders may struggle to recover any investment.

by: Dan Coatsworth