Chorion loses Lord Alli as chairman

Chair steps down as business fails to renegotiate its banking deals, says The Guardian.
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Chorion chairman Lord Alli, and his deputy chairman William Astor, have both resigned from the firm, The Guardian has reported.

According to the story, Chorion had failed to renegotiate banking deals to ease its debt burden. Although the business is thought to be performing well in the UK, Chorion breached the lending covenants governing its bank loans after it ran into trouble in the US.

It is believed that Chorion currently has a total of around £70 million in debt. Alli had been looking to restructure the business over the past few months, but support had not been forthcoming from backers.

The Guardian went on to say that Chorion is now likely to go to auction.



Since going private last year, Chorion has quietly been building up its portfolio. Now it is ready to shout from the rooftops about its forthcoming line-up, which includes more Noddy activity, as well as the launch of Mr Men and Famous Five projects.

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CHORION: Strength in depth

Chorion's swoop for Copyrights Group last November has meant the firm now has over 40 extra brands in its portfolio. On top of this, it's something of a banner period for Noddy and Mr Men - and there are more new launches on the cards. Samantha Loveday reports...

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