Arena TV is understood to have borrowed about £300 million from asset-based lenders
Fine place to get money from if you’ve got an asset heavy business to run.
an auditor, acting for one of Arena TV’s lenders, attempted to verify serial numbers for company-owned equipment used as security for loans. When the auditor called the equipment suppliers, they were told the serial numbers did not exist.
Ah, not so asset heavy then.
I assume the auditor wasn’t reading the numbers off the back of the kit because if that were true then it would mean it had more assets than thought. Must be the numbers on the paperwork that don’t exist…..