Why private equity demands a ruthless return from ATG
The financial structure of the Ambassador Theatre Group means its owners aren't interested in theatre - only in earnings and creating debt against their assets, the bricks and mortar, says Patrick Hayward.
Yesterday The Sunday Times Business section drew attention to the perilous state that British Theatre and in particular the Ambassador Theatre Group (ATG) find themselves in. Sabah Meddings writing in the paper set out to highlight the problems that theatrgoers are having getting refunds for cancelled performances from ATG Theatres and stumbled upon the complex workings of how investment companies run their businesses.
This is something that Overtures has been concerned about since the financial structure of the ATG business first changed back in 2013 and developed further into an assett based business in 2016 before becoming a balance sheet pawn in 2019. The fact is that theatre is not on the business agenda for the owners, they are only interested in earnings and creating debt against their assetts, the brick and mortar... Keep reading on Overtures
Yesterday The Sunday Times Business section drew attention to the perilous state that British Theatre and in particular the Ambassador Theatre Group (ATG) find themselves in. Sabah Meddings writing in the paper set out to highlight the problems that theatrgoers are having getting refunds for cancelled performances from ATG Theatres and stumbled upon the complex workings of how investment companies run their businesses.
This is something that Overtures has been concerned about since the financial structure of the ATG business first changed back in 2013 and developed further into an assett based business in 2016 before becoming a balance sheet pawn in 2019. The fact is that theatre is not on the business agenda for the owners, they are only interested in earnings and creating debt against their assetts, the brick and mortar... Keep reading on Overtures