High-Point Rendel reviews finances

Troubled international consultant High-Point Rendel has renewed its overdraft facility and restructured its borrowings.

Its overdraft has been renewed for a further 12 months, while £1.4m of overdraft has been converted into a loan. Earlier this month High-Point chairman Tony Palmer revealed that the firm had an unacceptable level of indebtedness.

In the year to 31 July 2002 High-Point posted a reduced turnover of £25.2m and plunged further into the red as its pre-tax loss doubled from the previous year's £1.3m to £2.5m.