Media Square, the group which operates the Holmes and Marchant Group of design consultancies announced this morning that its shares on the London Stock Exchanges Alternative Investment market, have been temporarily suspended.
The listed company says its bank refused it additional funding. A Media Square statement says, ‘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.’
This follows a previous announcement on 1 December that the company had turned to its bank for extra funding and was ‘operating with limited headroom against its existing facilities’.
The Media Square group also comprises advertising, marketing, public relations and research arms within the business.
Media Square shares were worth 80p each at the close of market yesterday.
Media Square says it will be making further announcements ‘in due course’.