With than less than three weeks left for countries to submit their candidates for the Best International Feature Film category of the 2024 Academy Awards, announcements are falling thick and fast.
25.08.2023 - 16:45 / deadline.com
EXCLUSIVE: UK management agency YMU is set to make up to 9% of staff redundant following a company review. At the same time, key lender Permira Credit will become its majority shareholder as part of the restructure, we can reveal.
Staff have been informed of the plans internally in the past hour. We hear headcount will be reduced by around 8-9% — up to 32 of YMU’s 350 employees — and the redundancy process will begin in September. This comes after an independent review of the business by AlixPartners was undertaken to assess routes to a firmer financial footing following a testing post-pandemic period.
Specialist credit investor Permira Credit, which has been a major lender to YMU, is planning to make what’s thought to be a sizeable investment in the company, and the agency’s leadership team will also equity partners as part of the agreement. YMU’s clients include British presenting duo Ant and Dec, Graham Norton, Emily Ratajkowski and Paris Hilton.
Filings show YMU had debts of around £70M ($87.7M) that were primarily owed to Permira and Lloyds Banking Group. The agency has seen profits drop since the pandemic and has been battling with global economic headwinds that have seen numerous entertainment and media business cut costs and staff this year.
The restructuring is set to result in a decent reduction in YMU’s net debt, with Permira’s cash injection thought to be significant. YMU wants to expand significantly in the U.S. and Permira’s investment will in part go towards that, while management see the refinancing as an opportunity to refocus on current and future clients.
Rumors about YMU’s future has been swirling over recent months. Global MD Holly Bott, who represents the likes of Claudia Winkleman, resigned a
With than less than three weeks left for countries to submit their candidates for the Best International Feature Film category of the 2024 Academy Awards, announcements are falling thick and fast.
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