Home of Choice is in new talks with a potential investor to acquire the business.
In a statement today, Gerry O’Brien, chief executive of Home of Choice, says: “I am pleased to be able to provide you with an update in light of the recent market rumours that have arisen regarding the financial position and future of the company.
“Let me clear up a misunderstanding – Home of Choice is not in administration. The directors had to file a ‘notice of intention’ to appoint administrators under our fiduciary responsibilities.
“Home of Choice is currently in serious negotiations with a significant investor who is looking to safeguard the going concern status of the business. We and the investor are seeking approval from the FSA and we expect them to respond early next week.”
He says the network and its bank are completely supportive of the proposals and are working towards a successful conclusion expected next week.
He adds: “In light of the above, I urge you to ignore any rumours that are circulating and not to take steps to terminate your contract with the company thereby keeping your licences and registrations intact.
“I am sure you are all aware that the negotiations we are involved in are aimed at safeguarding the future of the business and the employment of the company’s staff.”
He says he anticipates being in a position to provide a further update on Tuesday 4 May 2010, including assurances about commission and fees owed.
He adds: “I would like to take this opportunity to thank you all for your continued support and commitment during this period of time.”