Shares in Highbury House Communications were suspended yesterday after discussions over refinancing its £29.5m debt came to an end.
"Highbury House announces that discussions with its lenders concerning a refinancing of its indebtedness and a related issue of equity have now been terminated," the company said. "As a consequence, the group has requested that dealings in its shares be temporarily suspended pending clarification of its financial position."
Highbury had been struggling to stay afloat since rival publisher Future pulled out of a £96.5m takeover bid in April. Highbury sold off 38 of its magazines to its rival, leaving it with 30 gaming, technology magazines and special interest mags.
The mood in the Highbury camp is understandably muted, but all hope hasn't been lost. "Although things look bleak for Highbury, these are profitable magazines and rival publishers are highly likely to keep them going," commented one Highbury employee.
In 2003 gamesTM took the Best Editorial Team award at the MCV Industry Excellence Awards and is considered one of the better gaming magazines available in the UK. What the future holds for Highbury's magazines and staff is unclear, but we'll keep you up to date on developments.
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