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17/08/2001
Scoot sells its Loot magazine
Online directory firm Scoot.com has agreed to sell its Loot magazine businesses in Britain and Ireland for £45m in cash.
The Daily Mail newspaper, the new owners of magazine, have agreed to pay a quarter of the £180m that Scoot paid to buy the Loot magazine advertising business last July.
Acknowledging the extent of its financial difficulties, Scoot said the sale would give it a "sufficient working capital” in its bid to trade beyond 27 August and at least until the beginning of October.
The company also said that the £10.5m loan from a subsidiary of Daily Mail and General Trust would give it £7m of working capital after the repayment of bank loans worth £3.5m.
In July the company revealed that it would be retreating to its core markets, shelving plans to expand into Germany, Spain and Portugal.
The statement came a week after Scoot chief executive Robert Bonier resigned and the firm said it was to cut 285 jobs.
At that time, the company said they hoped to be operating at a profit by the end of next year. (MB)
The Daily Mail newspaper, the new owners of magazine, have agreed to pay a quarter of the £180m that Scoot paid to buy the Loot magazine advertising business last July.
Acknowledging the extent of its financial difficulties, Scoot said the sale would give it a "sufficient working capital” in its bid to trade beyond 27 August and at least until the beginning of October.
The company also said that the £10.5m loan from a subsidiary of Daily Mail and General Trust would give it £7m of working capital after the repayment of bank loans worth £3.5m.
In July the company revealed that it would be retreating to its core markets, shelving plans to expand into Germany, Spain and Portugal.
The statement came a week after Scoot chief executive Robert Bonier resigned and the firm said it was to cut 285 jobs.
At that time, the company said they hoped to be operating at a profit by the end of next year. (MB)
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Northern Ireland WeatherThis Evening and Tonight:Cloudy and patchy light rain will slowly clear away this evening. Then the rest of the night will be dry with broken cloud. Westerly winds freshening in the early hours. Minimum temperature 6 °C.
