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LONDON (Alliance News) - Panrther Securities PLC Tuesday said administrators from accountancy firm KPMG LLP have been appointed to resolve the financial issues of its tenant and associate investment Wimbledon Studios Ltd.
Panther, as an investor, originally subscribed GBP150,000 for a 25% stake in the south London production site, as well as providing a working capital loan facility of GBP622,000 which was fully drawn down.
The investment was fully written down with GBP200,000 of the loan provided against in the accounts for the year to December 2013.
Panther, also the landlord of the studio property, tried to help the business by not collecting rent and lease payments for fixtures. Panther is currently owed GBP1.6 million from Wimbledon Studios for these payments, of which GBP1.5 million was provided within the accounts for the year to December 2013, leaving around GBP156,000.
The total unprovided debt to the group is currently GBP376,000.
Despite Panther's board being of the opinion that it could not provide any additional financing, Chairman Andrew Perloff personally loaned Wimbledon Studios additional finance of GBP250,000.
Perloff believed the business still had some chance of survival through possible further outside investment or the sale of the business as a going concern.
AIM-listed Panther said it has lost significant funds on its corporate investment and expects to suffer a further loss of between GBP376,000 and GBP600,000 in the current financial year, depending on the success of the administration of the Studios.
The company said it continues to hold the property and is still looking at a possible sale of its stake. Last week, the company said it is in talks with two interested parties.
Panther Securities shares were quoted down 1.4% at 323.00 pence Tuesday.
By Anthony Tshibangu; anthonytshibangu@alliancenews.com; @AnthonyAllNews
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