Embattled mini-marcoms group Media Square, which owns Dave Trott’s agency csttg, has asked for its shares on London’s AIM stock market to be suspended after its (so far unnamed) bank declined to offer the additional funding it needs.
“The company’s bank has now informed the board that it cannot commit to amending the company’s banking covenants and furthermore will not extend the facilities available to the company at this stage,” Media Square said today.
“As a result of the uncertainty surrounding the company’s banking facilities, the company has requested that its shares are suspended pending further clarification of its financial position.”
On November 24 the company, chaired by industry veteran Roger Parry (pictured), said it was planning to sue David Wright, boss of rival outfit Porta, for an “unlawful conspiracy” aimed at buying Media Square on the cheap. Wright denied the allegation.
Other Media Square companies include once substantial design outfits Holmes & Marchant and Lloyd Northover and also ad agency the gate of which Trott’s csggt is now part.