Is it possible that Global has uncovered fraud, or at the very least a ‘distortion of revenue’ related to some of the acquisitions they made when they formed Global Outdoor back in 2018?
That anyhow, is the belief of many people who we spoke with in the UK this past week. Sources close to the matter tell us that the flag was raised inside Global when sales revenue on former Outdoor Plus inventory failed to reach the levels that the buyer “assumed had been achieved in 2018”.
Over the past few years many UK media owners have effectively inflated their sales revenue figures with a series of substantial one off payments paid into their own business by selling their site/screen leases and freeholds to the likes of Wildstone and Insite Outdoor. This is something that Outdoor Plus did in 2018, which is of course, the year that Global valued and then bought the business.