Troubled Highbury up for sale

This latest development, revealed in a shareholder update, comes at the end of a difficult period for the company. Chairman and CEO Kelvin MacKenzie quit last month after Highbury’s shares on the London Stock Exchange were suspended on December 12th, when refinancing deals to combat mounting debt fell through. 
Today’s statement read: “Following the departure of Kelvin, a review of the Group's activities has been carried out and the Board has concluded, with the agreement of the Company's lenders, that the trading activities of the Group should be put up for sale immediately. The Company's lenders continue to be supportive of the Group.
“Shareholders should be aware that, owing to the level of the Company's indebtedness and other liabilities, following any sale of the trading activities in the Group it is highly unlikely that there will be any value attributable to the equity in the Company."
Former Sun editor Mackenzie joined Highbury just three months ago, buying a 20 per cent stake in the publisher and promising to turn around its fortunes. The firm’s debts are said to stand at around £31 million.
Highbury currently publishes a number of consumer games titles, including GamesTM, X360, Play and specialist retailer GAME’s in-store mag.


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