SMG takes further step in overhaul

Debt-laden broadcaster SMG moved closer to overhauling its finances today after unveiling a new five-year, £90m (€126m) loan facility.

The Virgin Radio owner is also in the process of completing a £95.1m (€133m) fundraising rights issue, and once that is complete it said the loan agreed with HBOS will represent the entirety of its borrowings.

The group is looking to sell Virgin Radio so it can concentrate on its television businesses, including STV in Scotland and Ginger Productions.