THE LYCRA COMPANY UK LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to note 1 to the financial statements which indicates that the Group's and the parent company's ability to continue as a going concern is dependent on the intervention, in the event of a change in ownership, of the acquirer to continue to operate The LYCRA Company UK Limited as a going concern. These events and conditions along with the other matters explained in note 1, constitute a material uncertainty that may cast significant doubt on the Group's and the parent company's ability to continue as a going concern.

• ◆

  4 officer resignations in last 12 months

  Multiple officers have left the board recently — see the People section for who.

1. THE LYCRA COMPANY UK LIMITED 2019-05-24 → present
2. A&AT UK LIMITED 2017-06-09 → 2019-05-24

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

IFRS

Reporting scope

Consolidated group

Auditor

KPMG LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to note 1 to the financial statements which indicates that the Group's and the parent company's ability to continue as a going concern is dependent on the intervention, in the event of a change in ownership, of the acquirer to continue to operate The LYCRA Company UK Limited as a going concern. These events and conditions along with the other matters explained in note 1, constitute a material uncertainty that may cast significant doubt on the Group's and the parent company's ability to continue as a going concern.”

Significant events

• “The UK Group spent 7,825,000 on environmental projects in 2024 (2023: $3,683,000).”
• “In January 2025 the UK Group agreed to the next phase of the project to add gas generated power at the Maydown site. In April 2025 the site switched to the new gas boilers to generate steam for the plant. The next phase is to install a gas turbine to help improve site efficiency through the cogeneration of steam and electricity. The committed cost of the next phase is $22,520,000.”
• “In late January 2025, the LYCRA Group announced that its owner, Eagle Investments Holdco ("Eagle Investments") has entered into a sale and purchase agreement for the sale of 100% of the issued shares of the Ultimate Parent to a Chinese state-owned enterprise. The announcement states that the completion of the transaction is subject to the satisfaction of certain customary conditions precedent, including regulatory approval by the National Development and Reform Commission of the PRC and the transaction is expected to be completed in the second quarter of 2025 with a long stop date of 30 June 2025.”
• “In late January 2025, as a result of the sale and purchase agreement, the LYCRA Group and the Dutch Co-Issuer reached an agreement with relevant creditors to refinance a portion of and extend the maturity date of the remaining portion of the ssTL from 1 February 2025 to 1 April 2025, or such a later date as may be agreed between the Parent and certain holders of the Dollar Notes and Refinancing Notes.”
• “On 28 March 2025, Eagle Super the Dutch Co-Issuer and U.S. Co-Issuer along with the Refinancing Notes Issuer launched a consent solicitation (the "Dollar Notes Consent Solicitation") to amend certain terms of the Dollar Notes including an extension of the maturity date of the Dollar Notes from 1 May 2025 to 30 June 2025 and any interest that is payable under the Dollar Notes after 31 March 2025 shall be capitalized and added to the principal amount of the Dollar Notes.”
• “On 31 March 2025, the LYCRA Group announced the entry into a supplemental indenture dated as of 31 March 2025 (the "Refinancing Notes Supplemental Indenture") by the Refinancing Notes Issuer and Kroll Trustee Services Limited as trustee relating to the Refinancing Notes. The Refinancing Notes Supplemental Indenture provides for certain amendments to the Refinancing Notes that include an extension of the maturity date of the Refinancing Notes from 1 April 2025 to 30 April 2025 and any interest that is payable under the Refinancing Notes after 31 March 2025 shall be capitalized and added to the principal amount instead of being paid in cash.”
• “Additionally, on 18 March 2025, the LYCRA Group announced the entry into a lock-up agreement (the "Lock-up Agreement") by and among the Parent, issuers of the Parent's debt instruments, Eagle Investments, certain other shareholders of Eagle Investments, certain holders of the Dollar Notes, certain lenders under the ssTL and certain holders of first lien notes due May 2025 and second lien notes due May 2025 each issued by Linx Capital Limited. The Lock-up Agreement provides that for a period beginning on 31 March 2025 and ending on 1 November 2025 (unless extended or terminated by the parties), that all relevant parties shall cooperate and actively assist to support, facilitate, implement, or otherwise give effect to certain transactions in circumstances where the sale of the company announced in late January 2025 is not consummated.”
• “On 7 April 2025, the LYCRA Group announced the entry into a supplemental indenture dated as of 7 April 2025 (the "Dollar Notes Supplemental Indenture") by and among Company Parties, Eagle Investments, certain other shareholders of Eagle Investments, certain holders of the Dollar Notes, certain lenders under the ssTL and certain holders of first lien notes due May 2025 and second lien notes due May 2025 each issued by Linx Capital Limited. The Dollar Notes Supplemental Indenture provides for certain amendments to the Dollar Notes including an extension to the maturity date of the Dollar Notes from 1 May 2025 to 30 June 2025 and interest that is payable under the Dollar Notes after 31 March 2025 shall be capitalized and added to the principal amount of the Dollar Notes instead of being paid in cash.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

10

last 12 months

Capital events

0

last 24 months

Officers appointed

2

last 12 months

Officers resigned

4

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -8.6%

  £145,393,000 → £132,898,000

• Cash

  -15%

  £6,194,000 → £5,267,000

  lowest in 3 filed years

• Net assets

  -101.5%

  £102,627,000 → -£1,494,000

• Employees

  -2.8%

  351 → 341

• Operating profit

  +77.9%

  -£129,304,000 → -£28,544,000

• Profit before tax

  +64.6%

  -£177,858,000 → -£62,962,000

• Wages

  +13.6%

  £18,373,000 → £20,876,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers