Shares in Lamont Holdings, the Northern Ireland-listed textiles group, have been suspended while it negotiates a refinancing package and a new share issue. The struggling textile group, which last year announced plans to re-invent itself as an investment holding company, said it was close to reaching an agreement with its main lenders.

Lamont's demise from one of the North's leading textile groups to its current uncertain position was symbolised in its move last year to relocate its Belfast-based head office to Rochdale, England.

The group, which is listed in Dublin and London, has sold all its former textile companies bar two - BFF Nonwovens at Bridgewater in Somerset, and Alexander Drew, a commission printer of furnishing fabrics based in Britain. It had previously owned Moygashel Linens, one of Northern Ireland's leading Irish linen manufacturer.

Lamont's latest interim results for the half year to June 2001 showed a pre-tax loss of £550,000 sterling (€896,788) on turnover of £19.5 million. Its closing share price before suspension was 5.80p on the London Stock Exchange.