‘What Do You Want if You Don’t Want Money?’ crooned sixties pop star Adam Faith with his chart-topping hit of nearly forty years ago. Almost four decades later, the singer-turned-tycoon is asking the same question – but not to music.
Faith, founder and chairman of The Money Channel, a TV station quoted on the London Stock Exchange and specialising in personal financial advice, reacted yesterday to cash concerns and called in PriceWaterhouseCoopers to assess its deteriorating financial situation.
According to The Times, the channel, which launched in January 2000, is believed to be haemorrhaging cash at the rate of around £1 million monthly, while cash reserves have dwindled to £250,000. Two months ago, chief executive Tony Hobman claimed that the company had £2.6m in the bank and was exploring strategic partnerships with unnamed third parties – none of which have materialised.
The channel’s shares were suspended yesterday having plunged to 8p from last summer’s high of 522.25p
News source: The Times (London)