Investor panic takes toll on Speirs Group

Palmerston North-based loss-making finance company Speirs Group says its investor roll has plummeted 35% in the past three months, its secured stock funding has reduced and it is grappling with the collapse of its rental car client.

Speirs Group, made up of Speirs Finance, Speirs Nutritionals and Spiers Foods, posted a loss of $1.9 million in the March year, after a $842,000 profit the previous year.

The listed firm faces a struggle to compete in the next few months as it consolidates its business after investor panic caused by the collapse of several finance companies in the past six weeks.

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