Time Out Group has extended its loan from shareholder Oakley Capital Investments after drawing down £2.5m.
The drawn down monies along with cash reserves of £3.6m will provide the global media business with near-term liquidity while it finalises longer-term funding to help it mitigate the impact of the global pandemic.
The loan extension is on identical terms to the existing loan, with the funds drawn repayable in May 2021 along with accrued interest charged at 12%.
All six markets Time Out Group operates in have closed down due to the pandemic and it has seen a slowing of advertising revenues.
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