Following the recent publication of the story 'Is it the enda Venda?' on Retailinsider.com I would like it to be made clear to readers that it was misleading for this website to portray the business as one in financial difficulties.
Instead, I would like it to be made clear having considered the accounts of Venda that I accept this is not true and the inferences drawn in my earlier article to the contrary are and were inappropriate and misleading.
The earlier article asserted that Venda had built up a creditor base that is currently owed around £14 million. The true position is that the creditor position on the company's accounts relates to preference equity held by some of Venda's shareholders.
These creditors are not trade creditors and the suggestion drawn in my article that Venda had accumulated trade creditors of this magnitude was wrong and misleading and I wholly withdraw this.
[For reference - preferred stock/equity, also called preferred shares, preference shares, or simply preferreds, is a special equity security that has properties of both an equity and a debt instrument and is generally considered a hybrid instrument]
Retailinsider.com would therefore like to apologise to Venda for any reputational damage that the company may have suffered as a result of the misrepresentations and misleading statements that were made by Retailinsider.com.