Media Steps, the outdoor advertising firm, is trying to sell its operations after talks with potential rescuers collapsed this week.
The company has struggled to convince advertisers and media agencies to buy ad space on its portfolio of 386 sites at 140 train stations in the south-east of England and in two sports stadiums. Just 10% of its sites were typically in use at any time. Brands which have recently tested them include Air Miles and Sainsbury’s.
In an announcement released to the stock market, the company has said that “discussions with potential investors have been exhausted and the board has concluded that a re-capitalisation of Media Steps Group is unlikely” However, it says it is still hoping to sell its two trading subsidiaries which operate the rail and sports ground sites. It says that discussions are ongoing with companies which may be interested in buying the businesses or their assets.
The firm had just &£75,000 left in cash this week, having originally raised &£1.5m when it listed on the stock market. At the time, the company was valued at &£4.3m.