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Media Square

  • BY: Andrew Hore |
  • POSTED: 02/12/2011 |

Marketing services provider Media Square has requested additional bank facilities in order to meet working capital requirements. 

Media Square is in talks about a new long-term bank facility and it also wants revisions to its covenants.  A detailed 12 month cash flow forecast has been calculated and this is why Media Square realises that it needs more cash to be made available.

Underlying net debt was £21.5m at the end of August 2011 and Media Square has warned that the second half may not be as cash generative as normal.

Writtle Holdings is taking up its option to buy a Newmarket property used by Arken POP, which it previously bought from Media Square, for £3.25m. This cash will all be used to reduce borrowings. According to Writtle, the Arken POP acquisition has been successful with the business “quickly returning to profitability under a revitalised management team”. 

Revenues fell from £22.3m to £21.8m in the six months to August 2011 and the loss on continuing activities rose from £1.1m to £1.35m.

At 0.8p a share, Media Square is valued at £290,000.

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