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Ten Alps restructures debt

Bob Geldoff-backed UK indie group Ten Alps has reduced its bank debt following further investment from its main shareholder.

Ten Alps refinanced in 2010 after recording a £13m (US$20m) loss in the first half of 2010 after losing government funding for its Teachers TV Network amid declining advertising revenue.

That left it nursing a bank debt of £6.65m which has now been reduced to £4.43m.

The money has come from leading shareholder Herald Investment Trust, which has increased its stake in the company from 26% to 34.55% as a result.

Ordinarily the shareholding has crossed the threshold where an offer for the rest of the company must be made, but Ten Alps has successfully applied for dispensation from the UK’s Takeover Panel for that not to happen.

Chief financial officer Nitil Patel told C21: “We wanted to restructure the debt and the shareholder was willing to put money into the company. Herald is a long-term shareholder in Ten Alps.”

The factual specialist, which counts prodcos Brook Lapping, Blakeway and Films of Record among its businesses, refinanced in January 2011, reducing its debt from £9.45m to £6.65m with outstanding loans of £1.75m. CEO Alex Connock stepped down in July and Blakeway MD Fiona Stourton was promoted to creative director.

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