Durrant Pate/Contributor

Creative and media company iCreate is now in receivership having defaulted on a multimillion-dollar bond held by Sagicor Investments.

Sagicor Investments has taken the reins at iCreate by appointing charter accountant and management consultant, Kenneth Tomlinson, as the receiver. The move by Sagicor was triggered reportedly by iCreate not making payments on a substantial J$24-million bond.

This is the latest turn of events in a roller-coaster year for the company, which recently saw the return of its founder, president and CEO, Tyrone Wilson and the summarily ousting of three board members over a month ago. Prior to this, trading in iCreate’s shares was suspended by the Jamaica Stock Exchange for delays in publishing financial statements and not having a board mentor.

When contacted by OurToday, Wilson, who was guarded in his response, would only say “we have no comment on this time on leaked information coming out of the regulatory authorities but the company will issue a release in due course”.

Our Today is reliable informed that there is to be a board meeting today, at which time a crucial position will be taken on Visual Vibes, which was acquired by iCreate in June this year.

iCreate latest financials

The group closed the nine-month period ended September with a loss attributable to shareholders of J$150.5 million, from revenues of J$78.6 million.

“This outcome includes significant non-recurring charges that when excluded would have resulted in the group’s year-to-date performance for 2023, being a net loss of J$25.6 million, which is slightly below water,” the company stated in its quarterly financial report.

The third quarter was a period of transition for the digital media outfit following the leadership changes, which took place up to August 2023. The new executive leadership had begun a renewed drive towards stability and growth for the group and each subsidiary from multiple dimensions, including:

• New performance mantra and culture

• Taking charge of our operating portfolio companies and driving them to grow revenue with improved efficiencies

• Heightened focus on corporate governance

• Taking several steps to improve cash flows within the group consolidated unaudited results for the quarter, ended September 30, 2023.