PracticeAuditHat Trick loan casts doubt on TV company’s future

Hat Trick loan casts doubt on TV company’s future

Deloitte says unpaid £6m loan to Have I Got News for You producers raises going concern issues

The future of TV production company Hat Trick is in doubt, according to
auditor Deloitte, while the repayment of a £6m loan remains unresolved.

Hat Trick, which is responsible for Have I Got News for You and recent
medieval comedy Krod Mandoon and the Flaming Sword of Fire, owes the money to
private equity group August Equity. Repayment of the load to August, which owns
45% of Hat Trick, could be demanded at any moment, according to
The Telegraph.

‘Until this has been resolved, either through agreement of a new payment
schedule or securing other funding to repay amounts deemed due and payable,
there exists a material uncertainty which may cast significant doubt about the
company’s and group’s ability to continue as a going concern,’ said Deloitte in
its report

The company saw operating profits for the year to June 2008 fall from
£880,000 to £290,000.

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