Discussions regarding the proposed fundraise have been terminated after Marwyn withdrew its funding proposal, primarily on current trading concerns. While Q1 sales are lower than expected against a weaker backdrop, profitability is broadly in line after the cost reduction programme. Lenders remain supportive but further waivers are likely to be required and the group is looking to raise additional funding or refinance existing facilities to provide the necessary working capital headroom. We have withdrawn forecasts pending further details.