25 May 2012

Media Square calls in administrators

09/12/2011 Miles Nolan

AIM listed Media Square (MSQ) has thrown in the towel and appointed administrators, following a failed attempt to secure additional finance.

Yesterday we reported the sorry saga of the once rapidly expanding group, but sadly this morning it has admitted to being insolvent as it is unable to meet its repayment obligations. Struggling against a debt mountain of £19.5 million, compared to its tiny market value (pre-suspension) of £290,000, it has signed up PricewaterhouseCoopers as administrators.

The business has already been sold to a new vehicle, MSQ Partners, though no further details have been released as to who is behind the vehicle. Though the process will safeguard the 750 strong workforce, it will not result in any payout for shareholders. Its a very sorry end to the story.

Tags: Administrators, AIM market, Loss making, PricewaterhouseCoopers, Roger Parry

Sector: Media

Companies: Media Square (suspended on 8 December 2011)

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