Major financial restructuring at Tinopolis after Covid strife
Tinopolis, the UK-based production company whose subsidiaries include Sunset+Vine, the international sports specialist, has completed a financial restructuring after being heavily impacted by the coronavirus pandemic.
Tinopolis announced yesterday it had agreed a refinancing package that will entail banks deferring debt repayments and injecting £10 million ($13.75 million).
A new company, Tinopolis Group Limited, is being established to manage the business, with £250,000 in investment from the existing management.
However, more than £100 million in loans owed to executives and former managers has been wiped out as part of the rescue deal.
The lenders participating in the refinancing comprise HSBC, First Nations Bank of Canada, Blackrock and Pemberton Asset Management.
Tinopolis, which oversees 13 production companies operating across the globe, was hit hard by the fallout from Covid-19, notably the suspension of sport in the first half of last year, and is understood to have made 20 redundancies prior to securing fresh capital.
Sunset+Vine, the television sport production and media company, has tie-ups with various broadcasters, governing bodies and events organisers, including BT Sport and Amazon for English Premier League soccer in the UK, BT Sport for English Premiership Rugby matches, the International Cricket Council, the HSBC World Rugby Sevens Series and the Birmingham 2022 Commonwealth Games.
In January, David Tippett was elevated from head of broadcast to become the new managing director of S+V, supporting long-serving executive chairman Jeff Foulser.
Tippett said at the time that despite the impact of Covid-19, the company would “emerge stronger than before and build on our unrivalled reputation for creativity and innovation to deliver great coverage, shows and content for our clients.”
Ron Jones, the founder and chairman of Tinopolis, said yesterday that the company had been “uniquely punished by the pandemic,” in part because of its reliance on sport.
He added: “The damage caused by Covid has been significant and a complete recovery will not be easy. However, our underlying business has shown considerable resilience in the last 12 months and is now on a sound footing. Equally, our relationships with key commercial partners have remained strong during a difficult time and we value their continued support."