Greensleeves former owners deeper in debt

UK-based Zest Group is in deeper debt with £4.3 million ($572 million) in accumulated losses following the disposal of reggae label Greensleeves, one financial year ago — but it hopes to boost revenue from Dominican reggae star Nasio Fontaine in 2010.

The group made a trading loss of £283,000 over 12 months ending September 2009, which was added to previous losses totalling £4.05 million up to 2008 when the group disposed of Greensleeves, according to data released Monday, March 29, 2010. Equally troubling is the group’s balance sheet showing that for £1 held in assets £8 in liabilities was owed up to September 2009. Prior to Greensleeves’ disposal in 2008 total assets were 3.5 times its liabilities.

This entry was posted on Saturday, April 3rd, 2010 at 10:57 pm and is filed under Caribbean News, Reggae Music. You can follow any responses to this entry through the RSS 2.0 feed. You can skip to the end and leave a response. Pinging is currently not allowed.