Media Square sues Porta and Wright for conspiracy as it faces another loss

Nov. 25, 2011 - PRLog -- Media Square is seeking to recover “a minimum” of £760,000 from recently revamped Porta Communications and its chief executive David Wright, alleging that Wright attempted to effect an unlawful conspiracy as part of a project to allow Porta to back the acquisition of all or part of the Media Square group.

According to Marketing Services Financial Intelligence" Media Square is blaming the Porta initiative for causing disruption to its advertising division that, when taken with a prospective bad debt of approximately £100,000 arising at a Media Square client in New York, means the group will not achieve its profit expectations for the year ending 29 February 2012.  

It is now expected that Media Square’s profit in the current year “will fall below that of last year” – a strange statement given that the group actually lost £2.7 million last year (see Media Square faces long haul to recovery after another loss).

Porta issued a statement this morning saying it “absolutely refutes these claims as they are untrue and will defend them vigorously”.

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"Marketing Services Financial Intelligence" provides financial news and analysis about the marketing communications industry, edited by industry expert Bob Willott, an accountant and former special professor at the Nottingham University Business School