Going concern warning for LAP
Baker Tilly has raised concerns about the ability of London & Property Associates (LAP) to continue as a going concern.
The warning was made in the 2013 results of the UK shopping centre and retail property company.
In the results, Baker Tilly said the company’s £44.2m revolving credit facility was repayable in September 2012 and an agreement had not yet been reached with the company’s finance providers to extend or replace this facility.
"These conditions, along with the other matters explained in the group accounting policies of the financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the group and company's ability to continue as a going concern," the auditor said.
LAP reported a pre-tax loss of £1.1m or 2013, down from £7.6m the previous year.
But if the impact of discontinued operations is excluded, the result was a profit of £1.6m compared...