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All Things Considered (ATC) Group has raised £2.3m ($2.9m/€2.6m) through a subscription on company shares.
The proceeds will primarily be used to fund the development of opportunities for the London-based group’s artist representation and direct-to-consumer divisions. ATC Group provides talent management, live booking, livestreaming and talent services.
The money raised will also be used to “provide balance sheet strength” and support for potential acquisitions in the live events industry. This follows ATC’s recent purchase of 50% of Mckeown Asset Limited earlier this month.
ATC has identified projects that the net proceeds could be used on following a review into their viability. A new festival has been mooted which would be developed in association with an artist client.
“I am delighted that new and existing shareholders have demonstrated their support for the company’s growth strategy via this £2.3 million fundraise,” said ATC chief executive 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 Group sold conditional subscriptions for 2,232,905 new ordinary £0.01 shares at a price of 105 pence per subscription share to raise the money. The subscription price is equal to the closing mid-market price of its ordinary shares on February 12, which was the day before the company entered into the subscription.
The business said other possible uses of the money include the enhancement of its marketing services division in North America. The development of relationships to provide a global representation solution for touring artists is another possibility.
ATC Group was founded in 1996 and now has offices in Los Angeles, New York, and Copenhagen in addition to its London headquarters. It manages more than 70 artists including Johnny Marr, Nick Cave, and Sleaford Mods.
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