Finance
UK Film & TV Fund Allegro Finance Secures $2.6M Working Capital Facility
London-based film and TV lending platform Allegro Finance has secured a £2 million ($2.6M) working capital facility from Beechbrook Capital, through funds managed on behalf of the British Business Bank.
The announcement of the facility follows Allegro Finance’s official launch last week of a $500 million credit facility dedicated to film and television production, with entities advised by Elliott Advisors UK Limited.
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Allegro was launched in 2024 by film and TV finance, structured credit and investment banking veterans Jamie Lowe, Peter Touche and Sam Collett.
“This working capital facility is a powerful catalyst for Allegro’s growth and we are grateful for the support from Beechbrook and the funds they manage on behalf of the British Business Bank,” said Collett.
“It enables us to scale the platform and deploy private institutional capital into the UK film and television sector at a level not previously seen. This is precisely how public capital can unlock private investment, support high-growth businesses and strengthen one of the UK’s most globally competitive industries.”
Allegro’s funding line will be deployed across a diversified international slate of film and television productions in line with Allegro’s ambition to become the leading non-bank senior lender to the global screen industries.
Paul Shea, Managing Partner of small and medium-sized businesses lender specialist Beechbrook Capital, said the creation investment was good fit for the funds the company manages on behalf of the British Business Bank.
“All our funds seek to support growth and job creation, and this investment is no different. The UK’s creative industries are a vital part of the economy, employing hundreds of thousands of people and driving significant cultural and economic value,” said Shea.
British Business Bank Managing Director and Co-Head of Funds Adam Kelly pointed to the fact that creative industries are a key part of the UK’s industrial strategy.
“The UK’s creative industries play a vital role in the government’s Industrial Strategy, employing 2.4 million people and contributing £124bn of Gross Value Added to the economy. By providing finance to Beechbrook Capital, and in turn supporting specialist platforms like Allegro Finance, we support businesses to access the finance they need to start, scale and stay in the UK,” he said.
AMHERST, Mass. (WWLP) – Hampshire College is at risk of losing its accreditation following recent action by the New England Commission of Higher Education.
The college must now prove it meets the commission’s standards to maintain its standing. In a letter issued last week, the commission stated it took action against the college at the beginning of the month.
The oversight body indicated that it has reason to believe the school is no longer meeting essential standards, including the ability to organize the resources necessary to achieve its educational purposes.
Several specific factors contributed to the commission’s decision to take action against the school. The oversight body cited the institution’s inability to successfully sustain enrollment growth as a primary concern. Additionally, a planned financial move involving the sale of the Atkins parcel of land fell through.
The college also faces significant financial hurdles regarding its long-term debt and savings. Documents indicate the school has been unable to refinance its $21 million bond debt. Meanwhile, the college’s unrestricted endowment has continued to decline.
Leadership at Hampshire College addressed the commission’s findings in a joint letter. The Hampshire College President Jennifer Chrisler noted that the administration has a long history of cooperation with oversight agencies.
“Throughout Hampshire’s history, leadership has worked productively with our accreditors to plan for, provide and assess our distinctive, student-driven educational model,” Chrisler stated.
The chair of the board of trustees also responded to the commission’s focus on the school’s fiscal health. Chair Jose Fuentes emphasized that the board is actively working to resolve the college’s liabilities. “Ongoing financial viability is the board’s top priority. To that end, we are focused on refinancing the college’s debt,” Fuentes said.
Despite the current review, Hampshire College will maintain its accreditation for the time being. This allows the institution to remain eligible for federal funding, ensuring that students can still receive federal financial aid while the process continues.
Hampshire College is required to present its case for maintaining its status at the commission’s June meeting. The school must demonstrate why its accreditation should not be revoked at that time.
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Southport communities and families continue to seek for recreational activities as state investigators keep probing into the city parks and recreation department.
It’s been more than two weeks since the State Bureau of Investigation began its investigation into Southport’s Parks and Recreation Department and the city remains unsure as to what will happen after the investigation.
Southport Police Chief Todd Coring on March 11 requested the State Bureau of Investigation to assist with investigating a financial discrepancy within the city, SBI Public Information Director Chad Flowers said.
At 4:45 p.m. on March 11, the city of Southport published a news release announcing four unnamed employees from its parks and recreation department were placed on paid administrative leave due to an “appearance of financial irregularities.” The announcement also stated parks and recreation programs and facilities were on shutdown.
The “appearance” of financial irregularities was discovered after a forensic accounting investigation, according to the release.
Though approximately 13 children participated in the parks and recreation programs, Public Information Officer ChyAnn Ketchum said, the community used the facilities for events, activities, sports and classes.
Asked how often the facilities were used by the community, Ketchum was unable to provide a response.
“We are still working on gathering data, so I am not able to provide even an estimate right now,” Ketchum said.
What has happened since the shutdown?
Program Director Maureen “Cookie” Moore resigned March 12, Ketchum confirmed.
The city’s parks and recreation before and after-school programs have been suspended indefinitely and all parks and recreation facilities and buildings remain closed, and events cancelled until further notice.
The city’s community relations department has tried to help by temporarily taking over reservations of the Jaycee Building to honor existing reservations and hosting an Easter egg hunt.
Since the parks and recreation department matter has been turned to the SBI for further review, agents with the SBI’s coastal division are actively working to handle the case, Flowers previously told the StarNews.
What’s next for the case and the city of Southport?
The case remains ongoing and active, Flowers said. No new information is being released at this time.
“Financial crimes cases normally take longer due to the number of documents and records involved,” Flowers said.
When it comes to how the city will move forward after the investigation closes, Ketchum is unsure.
“Because it is still an active investigation, we have to take each day at a time,” Ketchum said.
STAY CONNECTED: Keep up with the area’s latest Brunswick County news by signing up for the Brunswick Today newsletter and following us on Facebook and Instagram.
Savanna Tenenoff covers Brunswick County for the StarNews. Reach her at stenenoff@usatodayco.com.
Finance
State to appoint fiscal monitor over NOLA-PS, citing ‘significant’ financial management issues
NEW ORLEANS (WVUE) – Louisiana’s Department of Education has informed the Orleans Parish public school district that it will install a monitor to oversee its financial management, citing a pattern of “significant deficiencies” over the past two years.
State superintendent Dr. Cade Brumley delivered the news in a letter sent Friday (March 27) to NOLA-PS superintendent Dr. Fateama Fulmore.
“Due to repeated accounting miscalculations within the Orleans Parish School System (NOLA-PS), schools have faced multiple years of financial uncertainty,” Brumley wrote. “This letter serves as formal notice that, as a result of these errors, the Louisiana Department of Education will appoint a fiscal risk monitor for your school system.
“The purpose of this appointment is to provide enhanced oversight of tax revenue accounting and reporting by NOLA-PS. This will include special engagement conducted by an independent certified public accountant over the next year.”
NOLA-PS did not immediately respond to a request for comment from Fox 8.
Brumley cited a list of alleged “deficiencies” by the New Orleans school district, including:
- Failure to adhere to fundamental accounting principles
- Classification in the LDOE Fiscal Risk Assessment “Monitor” category, reflecting a high level of concern, including designation under a Critical Situation during the fiscal year
- Negative impacts on budgeting decisions for school systems across the state
- Provision of inaccurate financial information to NOLA-PS schools
- Potential violation of state law due to failure to provide accurate financial data to LDOE
The appointed monitor will be tasked with reviewing the financial practices of the district, ensuring it takes corrective measures, and reporting back to the LDOE about changes made and ongoing risks. It is believed to be the first state intervention into the Orleans Parish school system since it was restructured in the wake of Hurricane Katrina.
Nyesha Veal has served as the chief financial officer for NOLA-PS since 2024. Brumley’s letter did not mention her by name, but alleged a pattern of accounting errors and financial mismanagement over the past two years, including the recent underreporting of approximately $13 million in sales tax revenue in the last annual financial report.
Brumley wrote that the LDOE was notified of this problem by “school leaders,” and that the NOLA-PS CFO was questions about the disparity.
“During that discussion, the CFO acknowledged that the STR data submitted to LDOE was incorrect and had been underreported by approximately $13 million. The CFO further indicated that the omission of June 2025 sales tax revenue from the AFR, as well as the delayed submission of tax data, had no impact.
“This assertion is incorrect. The omission and delay have had material consequences, including impacts on statewide funding calculations and local budget planning. This reflects a concerning lack of understanding regarding the importance of accurate and timely financial reporting by NOLA-PS. … This is not an isolated incident of concern within the financial management of the system that can be overlooked as a simple mistake. Instead, this is a repeated pattern and must be addressed immediately.”
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