Administrators of Arena Television have laid bare what some observers have described as one of the biggest asset-based lending frauds in recent UK memor y.
Alejandro Gonzalez reports. Find out more. The company, which was established in , was the largest independent outside broadcaster operating in the UK, working mainly on sports and music events, from Glastonbury to the Proms, and the UEFA European football championship to Wimbledon. These lenders will not be repaid in full … The remaining 46 lenders do not have recourse to any assets underlying their HP agreements.
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge. We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form. Experts said the exposures are unlikely to threaten lenders.
Even Shawbrook, who is nursing the biggest losses among the group of 55, is understood to be well capitalised and has two private equity partners, BC Partners and Pollen Street Capital, with deep pockets. This caused [Hickman Shearer] to query the concern with the lender. The absence of the directors has prompted a worldwide injunction. News of the bad loans at Arena was made worse in the weeks that followed when administrators told creditors that a sale of the business as a going concern would not be possible and that an asset sale was the next best option for recovering their losses, which are expected to be minimal.
Industry players describe the OB sector as capital-intensive, highly leveraged and characterised by a preference for hire-purchase equipment finance.
