It may have almost 800 c-stores, and a national presence, but investors now think Alldays is worth less than £11m. The heavily indebted c-store chain has seen its share price continue to trickle downwards in the past week, slipping below the 24p mark as The Grocer went to press. That gives it a market capitalisation of just £10.6m ­ compared with two years ago when its share price hit 621.5p, valuing the company at £270m. A spokesman for Alldays said: "We don't know of any reason for the recent drop in the share price. We are continuing to focus on the integration of the newly acquired regional development companies." The acquisition of the RDCs, which operated Alldays stores on a franchise basis, are largely blamed for the £40.4m interim pretax loss announced by the company in June. The programme has also left Alldays with bank loans totalling £170m. Chairman George Duncan said at the time: "We do have a steep hill to climb. But if we can achieve the same profitability as our peer companies we will be able to reduce our debts." But analysts remain sceptical that a turnaround can be achieved. And Clive Black of Charterhouse Securities thinks the recent fall in the share price may be due to the fact that investors have had time to fully digest the implications of the poor interim figures. He added: "Things are going to be pretty tough for them. The company is certainly better constituted after the consolidation of the RDCS. But it is heavily debt laden." And Black thinks the poor summer weather ­ which has made life tough for all convenience retailers ­ can only add to Alldays' trading headaches. - Alldays has joined the De La Rue Transaction Services Payzone payment network, which will allow shoppers to pay utility and other household bills instore. The network can also be used to buy electronic top ups for Pay as you Talk mobile phones. {{NEWS }}