Huntingdon fighting to survive

UK contract-research firm Huntingdon Life Sciences, which has beenlosing orders from pharmaceutical firms and has been criticized by animal rights activists over its treatment of laboratory animals, says that, "contrary to reports in some of the UK press over the weekend, the company's bank facility remains in place until January 19." The firm added that it is continuing to discuss an extension with the Royal Bank of Scotland in order to allow its refinancing with two USA-based financial groups to be completed (Marketletter December 11, 2000).

Some reports suggested that the L22.6 million ($32.1 million) debt facility had already been cancelled after pressure from animal rights protesters. However, the Stop Huntingdon Animal Cruelty anti-vivisection group, which has aggressively campaigned against Huntingdon, said in a statement on its web site that it could be "just days away from a monumental victory." Huntingdon, which employs 1,200 staff, could face closure if the bank does not agree to an extension and SHAC has warned any other group thinking about bailing out the company to think again. "We are prepared for a long fight and...we will take on anyone who gets in our way," it declared.

However, Huntingdon is not prepared to go under without a fight. Andrew Baker, the group's chairman, told the Financial Times that the RBS' reputation in the business community would be damaged if it appeared to cave in to threats from anti-vivisection protestors. He added: "who would want to bank with someone who is going to let you down when you are in a tight corner?"