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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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