Media Square creditors to be repaid in full
Media 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.