The shares in the budget butcher Crawshaw have been shortened by more than half

Burned: The company said sales have dropped by 13.2 percent in the last six months

Shares at the budget butcher Crawshaw are cut by more than half after it shocks investors with a dismal trading update

City & Finance Reporter for the Daily Mail

Shares at the budget butcher Crawshaw have shrunk by more than half after investors were shocked with a nasty trading update.

The company said sales had dropped by 13.2 percent in the last six months, pushing the stock price yesterday by 55.3 percent or from 3.4p to 2.75p.

Burned: The company said sales have dropped by 13.2 percent in the last six months

Burned: The company said sales have dropped by 13.2 percent in the last six months

It accused the competition of discounters such as Aldi and Lidl and fewer shoppers in the High Street. It also complained about rising rents and crippling business rates. This means that losses will increase this year to £ 3 million from £ 1.4 million a year earlier.

The finances have recently been hit, prompting President Noel Collett and Chief Financial Officer Alan Richardson to leave this year. It has 649 employees in 49 stores in Derbyshire, Yorkshire, Lincolnshire, Nottinghamshire, the Northwest and the Midlands. Almost half of the stores are located in city centers.

Crawshaw said: "The new leadership team that joined the end of May identified the main issues affecting the company and will announce how it intends to correct it and to help the company move forward with its interim results. & # 39;

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