In a new trade missive released this afternoon, Tuesday 15th September, Keith Danby has sought to further clarify IBS-STL UK’s trading position, reassuring trade partners that “there is a sustainable business ministry model going forward”, reiterating the company’s ongoing commitment to the UK trade and thanking those who have supported the company through prayer:
On the 14th August I made a statement about the current trading position of IBS-STL UK. This was in response to concerns within the trade and rumours circulating regarding our solvency. At that time I informed you that we were neither going into liquidation nor administration and that we were in discussions with our bank, suppliers and external auditors to seek out ways in which we could work together to help improve our current cash flow problems and secure our future.
A team of external Accountants have since conducted a business review of the UK charity, and I am pleased to advise you that they have filed a report highlighting that although IBS-STL has been experiencing some severe cash flow difficulties during the summer months there is a sustainable business ministry model going forward.
We still face significant challenges in this current financial year and are continuing to work hard with our professional advisors, bankers and suppliers to resolve our cash flow challenges and return to normal trading conditions as soon as possible.