Gulf starts at Sheikh Adi-2 25/05/2012
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Media Square frozen
Shares in embattled marketing services firm Media Square (MSQ) have been frozen today, following the refusal by Lloyds bank to extend its borrowings.
Media Square floated on AIM in 2000, and went on to complete a raft of acquisitions, unfortunately this left the company with a huge debt pile - £19.5 million at the last count. In 2007 a new management team, led by ex McKinsey & Co consultant and former Clear Channel boss Roger Parry joined to set about restructuring. Two years later CEO Peter Reid was parachuted in, also a past alumni of McKinsey & Co, his expertise includes being involved with a number of 'media turnarounds.'
Since their arrival the minnow has sold seven businesses, but the debt mountain has remained exorbitant. An offer of £3.25 million has recently been received for a freehold property in Newmarket (from the past acquisition of CA Coutts) but this will go straight to Lloyds, bar a £700,000 loan relating to the site.
In the year to February, sales increased 14 per cent to £45 million, as losses narrowed to £439,000 (2010: £13.3 million) though the prior result was dented by heavy exceptional charges of £9.8 million. The website (possibly a touch out of date) boasts of annual revenues in excess of £100 million, 750 staff and over 800 clients. Moreover, its expertise spans: advertising, design, marketing, public relations and research.
Earlier this month Media Square announced it was still in discussions with Lloyds to provide a long-term banking facility, which involved drawing up a detailed 12-month cash flow forecast. There is also an ongoing legal battle with AIM rival Porta Communications with regard to an alleged conspiracy to acquire all or part of its business.
With the shares suspended at an all time low of 0.8p, the market value is less than £300,000 - its quite clear that Parry and Reid need to provide some urgent consultancy work.
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