Auction Holdings Limited (AHL) says plans to restructure AHL Group Plc are at an advanced stage.

Last year, AHL board of directors resolved to restructure AHL Group Plc following its poor performance in the previous 5 years a development which saw the company losing 43 percent of its revenue in 2020 alone.

Answering to a questionnaire from, Board Chairperson for AHL Dhlelisile Phiri said progress for the restructuring is at an advanced stage having done consultations with key stakeholders.

Apart from having internal operational problems that have led to the decision AHL has also attributed COVID 19 as one of the factors that has derailed the performance of the company’s and its subsidiaries.

However, Phiri has stated optimism that the restructuring will provide a balance for the company to get back on track and start registering profits once the move is completed.