Media Square creditors to be repaid in full
Media Square creditors to be repaid in fullMedia Square’s creditors are to be repaid in full, its administrators have announced, following its buyout by MSQ last week, while it has also been confirmed that the acquisition of Media Square by MSQ Partners cost a total of £11m.
An announcement to the market, made last night, confirmed the price of acquiring Media Square, adding that proceeds would be used to repay, in part, the loans that were outstanding from MediaSquare to its bank Lloyds.
Also confirmed were the appointments of Roger Parry as chairman, Peter Reid as chief executive and Dean Wright as financial director of MSQ.
The announced also stated that MediaSquare, had made a pre-tax loss of £0.4m in the year to 28 February, with reported revenue of £45.4m. Its administrators intend that the company exit administration and be dissolved, with creditors paid in full, with the exception of outstand loans to Lloyds, while there will also be no return to Media Square’s shareholders.
Collins Stewart’s appointment as adviser and broker to Media Square has also been terminated.
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Comments
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Does this include shareholders I wonder, I think not. Once again the charlatans pretending to be media men do the dirty, no wonder our industry it gaining a bad reputation. Where are the regulators on this one, makes me want to rip up my copy of Brad.
comments
Well said Ian, when we were working in our office in Horsforth, did we ever imagine that the efforts would turn into shares in media square? - No. We were wrong. Did we then ever imagine these shares would be tarnished through hideous debt brough on by others? No. we were wrong. Did we ever imagine the company would end up getting sold and the profits kept by the guys who orchestrated the sale? - No. Again, we were wrong. Do you imagine we will get the value we are due for our Media Square shares? - time will tell, but evidence suggests its unlikely.
History has a way of repeating itself in so many ways.
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