Nick Dargan, the Deloitte & Touch administrator appointed by Carlton Communications and Granada Media to oversee the orderly sale of ITV Digital, has blown the whistle on the ITV duo’s under-funding of the doomed venture.
It was widely believed that that Carlton and Granada had pumped some £20 million ($29.08m; €31.63m) into ITVd during its period in administration – and they did nothing to discourage this belief – yet it emerged Thursday that the actual figure was a ‘mere’ £5m.
In a letter to ITVd’s creditor, Dargan says: “The shareholders advised that they were not willing to consider additional investment but that they were prepared to fund an orderly sale of the business. The administrators felt unable to agree to the terms on which that funding was to be made available and therefore commenced an accelerated sales process.”
It also emerged from the letter that D&T, which as administrator is a preferred creditor, will cream a paltry £1.2m for its efforts. A creditors meeting will be held in London on June 13.
Data sourced from multiple publications; additional content by WARC staff