ART

The Artisanal Spirits Company PLC

Food, Beverage and Tobacco First-pass screen £21m

250/1000 Overall fit

AI beneficiary 35% 30

Operating leverage 25% 20

Valuation 25% 30

Downside protection 15% 15

First-pass take

Loss-making property developer with zero AI exposure, facing material going-concern risk as banking facilities expire July 2011. Highly leveraged (137% gearing, £18.5m net debt) offers poor downside protection in cyclical downturn.

Flags

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