Sir Bob Geldof’s troubled media group Ten Alps has fallen further into the red despite attempts to boost its fortunes.
The company behind TV shows such as Hugh Grant: Taking on the Tabloids posted a £1.7 million loss during the six months ending September 30, compared with a £1.1 million loss a year earlier.
Ten Alps has been under intense pressure since losing a £10 million Government contract to make Teachers TV last year. In April, the group launched a £3 million rights issue to reduce debt and give it extra funds.
Geldof now controls about 1.71% of the company, whose shares have fallen by almost 10% over the past 12 months. The 61-year-old singer songwriter and Live Aid campaigner founded Ten Alps in 1999.
Peter Bertram, chairman, said: “We are making progress albeit slowly. We believe that by the end of the current financial year, the group will have completed all its planned restructuring and will be ready for any new challenges.”
