DTZ 'annus horribilis' reaches its 2008 nadir

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Shares in DTZ, based in Old Broad Street in the City, fell 20%, or 6p, to 23½p, having peaked above 800p last year.

The savage property slump has seen sales and fees at DTZ plummet.The firm has also suffered from rising levels of debt following the takeover of rival Donaldsons at the top of the market last year.

DTZ revealed plans to raise up to £55 million through the sale o 204 million shares at 27p each to give it "sufficient funds to meet its working capital requirements".

It needs the cash to meet its banking obligations with Royal Bank of Scotland. The deal was the brainchild of Paul Idzik, the former Barclays banker who took over as chief executive last month.

DTZ, which has axed 250 staff in London, had first-half losses of £9 million against profits of £12.5 million last time. Revenues fell 17.5% while debt increased from £33.7 million in April to £74.6 million by the end of October.

Idzik said full-year results will be "significantly below" the £19.2 million expected in the market and said it would be "prudent not to declare an interim dividend".