News blog
Secora
- BY: Andrew Hore |
- POSTED: 14/08/2007 |
Secora is on the look out for a substantial acquisition following disappointments in the live entertainment business.
Secora used to be known as IP Live. It changed its name when a departing director took the name IP Live with him – presumably as part of his severance package. The company did well with Billy Elliot the Musical but couldn’t repeat the feat with Movin’ Out, a musical based on Billy Joel songs, which closed after two months. Other investments have made modest returns and the board believes that Secora doesn’t have the financial clout to continue in this risky business. It lost £837,000 in the year to March 2007 - and more than £2.6m in the past two years. It does still have £945,000 in the bank but it has significant creditors to offset against that.
Billy Elliot will continue to provide an income stream in the short-term but Secora needs to find a proper business. A couple of opportunities in the media sector didn’t come to fruition. Secora is likely to start to look in other sectors as well as media and entertainment.
Original backer Richard Thompson has increased his stake to 17.6%.
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