ATC Group raises £2.3m through share subscription
All Things Considered (ATC) Group has raised £2.3 million (€2.7m) through a subscription on shares.
London-based ATC Group’s divisions include booking agency ATC Live, ATC Management, ATC Services, ATC Experience and livestreaming company Driift.
According to Alliance News, the firm says it has raised the funds through a subscription of 2.2 million shares priced at 105p each.
It adds that the proceeds will be used primarily to fund the exploration and development of opportunities already identified across the company’s artist representation and direct to consumer divisions. They will also provide balance sheet strength and support for further potential acquisitions and developments in live events.
“We have an exciting pipeline of opportunities to expand and develop the business and having a stronger balance sheet provides us with a more robust position”
“I am delighted that new and existing shareholders have demonstrated their support for the company’s growth strategy via this £2.3 million fundraise,” says CEO Adam Driscoll. “We have an exciting pipeline of opportunities to expand and develop the business and having a stronger balance sheet provides us with a more robust position to potentially realise a number of them.”
ATC listed on the Aquis Growth Market in London in December 2021 after raising £4.15 million in its initial public offer (IPO). The group recorded a profit on revenue of £12.1m (€13.9m) in its first full year as a a public company, but subsequently announced a loss of £1.1m for the first six months of 2023 due to higher costs.
ATC, which opened a New York hub in February 2022 and also has an office in Copenhagen, Denmark, agreed terms for a “new, expanded office” in Los Angeles in early 2024.
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ATC promotes Emma Stoker to executive director
Music company ATC (All Things Considered) Group has appointed Emma Stoker as new executive director to the board.
The London-based firm previously appointed Stoker as director of business affairs in 2016. Its divisions include booking agency ATC Live, ATC Management, ATC Services, ATC Experience and livestreaming company Driift.
A lawyer by training, Stoker was a litigator focusing on the music industry prior to joining ATC. Previously, she helped guide the company through its Aquis listing in December 2021 and will serve specifically as director of legal and business affairs.
“As a highly valued member of the team, we are delighted to appoint Emma to the board of ATC Group,” says CEO Adam Driscoll, as per Alliance News. “Her wealth of relevant sector experience and expertise will help strengthen the board at ATC as we continue to grow.
“Emma has been instrumental in the company’s [IPO] and ongoing business affairs and we look forward to continuing to work with her at this exciting time as we further develop the business.”
“This leaves us in a strong position to take advantage of the near-term evolution of the music industry”
The group surpassed its own expectations to record a profit on revenue of £12.1 million in its first full year as a a public company.
In September, ATC announced a loss of £1.1m for the first six months of 2023 due to higher costs, as administrative expenses rose 23% to £3.2m, while revenue dropped 19% to £3.4m, although it said its artist representation and services divisions performed in line with its expectations.
The company added that it expected its recent acquisition of a 60% stake in merchandise company Sandbag to improve its asset base, adding that it was approaching the rest of the year with “good pipeline visibility, a strong financial position and the initial revenue and profit synergies from the Sandbag acquisition still to be realised”.
“This leaves us in a strong position to take advantage of the near-term evolution of the music industry,” said Driscoll.
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