Albemarle & Bond hits record low after unsuccessful sale "I am grateful to our lending banks for their continued support in extending our covenant testing dates, as I am to all our employees who are working so hard as we seek to turnaround our business," Chris Gillespie, chief executive of Albemarle & Bond, commented. Although the formal process has not resulted in a transaction, we continue to explore a number of options to take the business forward with the support of our banks. I remain of the view, supported by the feedback from the sale process to date, that there is a viable underlying business if supported by the right capital structure. Turnaround tycoon John Moulton had been named as an interested suitor but walked away from the process on Christmas Eve. Rival pawnbroker H&T, also tipped as a likely buyer, stressed at the beginning of the year that it was more focussed on smaller and profitable acquisition opportunities. US pawnbroker and largest shareholder EZCorp was also tipped as a tactical suitor after it refused to back a rights issue last year, which led to the collapse in the company's share price. However, sources following the situation have said that EZCorp is preoccupied with bolstering its home market. Albemarle & Bond said that none of the proposals made by parties "were deemed to represent a fair value for the company." Barclays and Lloyds Banking Group, which are owed £50m by the Aim-listed company, have already hired PricewaterhouseCoopers to advise them on their options. Canaccord Genuity is advising the company's board on the sale process. Prior to kicking-off a formal sale process the pawnbroker suffered a mass exodus of independent directors, leaving Mr Nicholls as the only remaining non-executive at the pawnbroker.