Front and Hotdog publisher Highbury House is up for sale after
suspension of its shares and the departure of chief executive Kelvin
MacKenzie just before Christmas.
In a stock market statement at
lunchtime today (January 5), the company said it had made the decision
with the agreement of its creditors, but warned that it was “highly
unlikely” there would be any value remaining in its shares for the
eventual buyer.
The company’s lenders are owed an estimated £25m
by Highbury, whose shares were only worth a total of about £2m when
they were suspended last month.
MacKenzie walked away from the
ruins of the company after spending six months trying to resolve its
debt problems, which were accumulated over a three-year spending spree.
In the statement, the company added: “The Board is grateful for the
expressions of support from the Company’s employees, suppliers and
customers at this time and hopes that this will continue during the
sale process.”
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