Media Steps, the failed outdoor advertising specialist, has sold its two operating businesses for &£1, marking the end of its efforts to sell ad space on steps in train stations and sports stadiums.
The private buyer of the business has not been named. However, the new buyer is expected to change the focus of the business.
Media Steps revealed in May it was running short of cash and needed to raise fresh funding. On June 27 it said discussions with potential investors had been exhausted.
It has now sold its two trading subsidiaries, Media Steps (UK) and Media Steps (Sports). The buyer has also taken on debts of about &£145,000. The deal includes the rights to all patents owned by the group and the rights to operate the 386 sites it has installed.
Media Steps chief executive Tony Jansen described the deal as a “limited success”.
The disposal of the two subsidiaries leaves Media Steps with &£110,000 in cash and outstanding loans of &£330,000.