Parallel Media Group plc
Formerly |
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| public | |||||||||||
| Traded as | AIM: PAA | ||||||||||
| ISIN | 🆔 | ||||||||||
| Founded 📆 |
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| Founder 👔 | David Ciclitira (Parallel Media Group) | ||||||||||
Area served 🗺️ | |||||||||||
Key people | David Ciclitira (Chairman) | ||||||||||
| Revenue🤑 |  ₤241,000 (2015) | ||||||||||
 (₤266,000) (2015) | |||||||||||
| ₤611,000 (2015) | |||||||||||
| Total assets | ₤1,536,000 (2015) | ||||||||||
| Total equity | (₤1,162,000) (2015) | ||||||||||
| Owner |
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| Members | |||||||||||
Number of employees | |||||||||||
| Subsidiaries |
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| 🌐 Website | parallelmediagroup.com | ||||||||||
| 📇 Address | |||||||||||
| 📞 telephone | |||||||||||
| Footnotes / references in consolidated financial statement; profit included one-off item of selling a subsidiary | |||||||||||
Parallel Media Group plc formerly known as World Sport Group plc and Orchard Furniture plc, is a public company based in London. The company is listed in Alternative Investment Market. The company was the parent company of both World Sport Group (Jersey) Limited and Parallel Media Group International Limited from 2001[1] to 2002. However, the founders of World Sport Group Limited bought back WSG in 2002; while World Sport Group plc was renamed to Parallel Media Group plc.
Parallel Media Group involved in sports and media agency.
History[edit]
Orchard Furniture[edit]
Parallel Media Group plc's predecessor was Orchard Furniture plc (formerly known as Wyefield Group plc, Lincoln House plc and William Morris Fine Arts plc), a listed company in Alternative Investment Market (formerly in Unlisted Securities Market).
Lincoln House itself was another backdoor listing, which in April 1984, Ceylon & Indian Planters Holdings plc was reverse takeover by a company that owned Morris Singer metal sculpture foundry as well as wallpaper trading company Peterlee Wallpaper.[2] The public limited company was renamed into William Morris Fine Arts plc immediately.[3] In December 1984, William Morris acquired Leyland Paints for £3.3 million.[4]
William Morris became a furniture company under the name Lincoln House plc in 1988.
Lincoln House acquired Medallion Upholstery for £8.2 million in 1994, renaming itself to Wyefield Group in the same year.[5] Factory of Medallion was closed down in 1998,[6] making the company had only one manufacturing site in Derbyshire.
It became a shell company again in 1999 (renamed to Orchard Furniture plc), with no assets and negative shareholders' equity,[7] after selling its subsidiaries (Medallion Upholstery, Lincoln House (Furnishings) and Quantum Designs Furniture) and assets[1] to a listed company DFS Furniture Company plc for £1.5 million.[8] However, Orchard Furniture acquired Jersey-incorporated holding companies World Sport Group (Jersey) Limited and Parallel Media Group International Limited as part of a backdoor listing of the two agency groups in 2001.
Parallel Media Group[edit]
Current businesses of Parallel Media Group plc was founded in 1987 by David Ciclitira as [old] Parallel Media Group plc.[9]
In 1997 [old] Parallel Media Group plc was renamed into Elysian Group plc; a sister company Parallel Media Group International Limited (PMI) was incorporated, receiving businesses from old PMG. It formed a joint venture (Parallel Television) with CNBC in 1998.
In 2001 PMI and fellow agency World Sport Group (Jersey) Limited (WSG) were backdoor listing as World Sport Group plc. However, the founders of WSG re-privatized WSG in 2002, leaving PMI as the major assets of the public limited company. The plc also renamed to [new] Parallel Media Group plc. The Telegraph described Parallel Media Group as "one of the major names in sports and music promotion and events".[10] Since takeover in 2001, David Ciclitira was the chairman of the plc.
Parallel Media Group plc sold a subsidiary, "Parallel Media Group (Championships) Limited", in 2015 to chairman, largest shareholder and creditor of the plc, David Ciclitira as a connected-parties transaction. During the year the company was the broker for Maroon 5 tour in Hong Kong.
The company is the media agency of The Championship at Laguna National, a golf tournament since 2008. The tournament was co-sanctioned by both Asian Tour and European Tour. The contract with the Championship was renewed in 2013.[11] Parallel Media Group started to plan a golf tournament in 2004, after the company part away with World Sport Group Limited, the agency[12] employed by Asian Tour and the original joint venture entity in the Tour de las Américas. The group also won a court ruling to protect its contractual commercial rights on the Tour de las Américas in 2003.[13]
References[edit]
- ↑ 1.0 1.1 "Doucnment to the shareholders regarding to be renamed World Sport Group plc and Acquisition of World Sport Group (Jersey) Limited". Orchard Furniture plc. Morning Star. 2001. Retrieved 9 January 2017.
- ↑ "William Morris coming to USM". The Financial Times (require subscription in Factiva)
|format=requires|url=(help). 25 April 1984.|access-date=requires|url=(help) - ↑ Companies House filing
- ↑ "William Morris Fine Arts is paying #3.3m for the wallcoverings division of Leyland Paint and Wallpapers". Textline Multiple Source Collection (1980-1994) (require subscription in Factiva)
|format=requires|url=(help). Factiva. 1 December 1984.|access-date=requires|url=(help) - ↑ "Lincoln House buys Medallion". The Financial Times (require subscription in Factiva)
|format=requires|url=(help). 8 July 1994.|access-date=requires|url=(help) - ↑ 1998 Annual Report, Wyefield Group plc
- ↑ 199 Annual Report, Orchard Furniture plc
- ↑ "Orchard Furniture To Sell Assets for GBP1.5M" (require subscription in Factiva)
|format=requires|url=(help). Dow Jones. 15 June 1999.|access-date=requires|url=(help) - ↑ Reuters
- ↑ "Doha's Start Art Fair showcases emerging contemporary Asian artists". The Telegraph. 17 March 2017. Retrieved 2 May 2017.
- ↑ "Parallel Media to return as Korean tournament promoter". SportsPro Media. 28 October 2013. Retrieved 10 May 2017.
- ↑ "Asian anger over rival tour plans". The Telegraph. 24 March 2004. Retrieved 10 May 2017.
- ↑ "Parallel Media Group Protects Tour de las Americas Golf Rights". Sportcal Global Communications. 17 September 2003. Retrieved 10 May 2017.
External links[edit]
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