In the UK, marcomms group Media Square has announced the completion of its sale of MR consultancy assets to IQ Holdings plc. Viewpoint Field, Viewpoint Studios and The Wire were previously part of Media Square-owned Illuminas, but were considered ‘not core’ to its offer.
Media Square received £600,000 of cash consideration on completion, together with £300,000 of consideration satisfied by issue of 300m new shares in IQ; it can also get another £600,000 in cash over the next three years. The cash portion of the consideration will be applied to reduce the Group's debt.
In August, the group reported progress in its turnaround, returning to pre-tax profit to the tune of £900,000 after losses of £13.2m in the same period in 2007. Executive Chairman Roger Parry said the group had now ‘recovered from its period of over-ambitious and over-rapid expansion’ and pronounced the Board ‘cautiously optimistic about future prospects.’
Web site: www.mediasquare.co.uk