NEWS

Vivid disputes accuracy of story reported in Sky News

Published on: 2nd March 2017

vivid-imaginations-logo-480The article focuses on the company’s search for a new investor to replace current shareholder Phoenix Equity Partners.

In response to a story circulated by Sky News yesterday, Vivid has issued the following statement: “Vivid Imaginations has been a very successful investment for Phoenix since 2002. However, the Phoenix 2001 fund is now well beyond the end of its normal term, has been a very profitable fund, and in Vivid has its only remaining investment. Phoenix is therefore looking for a replacement shareholder for its residual stake in the company. KPMG has been engaged to accelerate this sales process and are in negotiations with a number of interested parties.”

While the core facts of the story appear to be accurate, the sensationalist tone of the piece remains a point of contention. The process of replacing shareholders is a common business practice, and in itself is not hugely newsworthy. Furthermore, the story quotes a source as saying: “This is a profitable business with annual revenue of approximately £83m and positive EBITDA (earnings before interest, tax, depreciation and amortisation).”

 

 

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