Tue, 29 Oct 2013 | ADMINISTRATION
Audio book publisher AudioGO has confirmed that it has gone into administration, with redundancies to be made later this week.
It had filed its intention to appoint administrators on Friday, and is expected to see BDO come in as the administrators. The Bath-based firm presently employs 100 people in the city.
AudioGO suspended trading last week due to cashflow troubles, with further confirmations of the suspension of managing director Mike Bowen and exit of financial director Bradley Whittock.
AudioGO was created in July 2010, when private investors purchased BBC AudioGO, with BBC Worldwide retaining a minority stake.
The troubled business has sold its US arm Blackstone Audio back to the founders, and operators of the US Donwpour.com download website, Blackstones. AudioGO had purchased Blackstone ten months ago.
It recorded increased profits to £2.4 million on marginally reduced sales of £15.6 million to Companies House last year, but its cash in the bank dropped from £1.9 million in 2011 to £346,142 in 2012.
Rachel Josephson, AudioGO’s head of marketing and sales, told the Bath Chronicle: "Unfortunately, we were not able to conclude negotiations with a potential buyer. There will be significant redundancies made on Thursday this week.”
News reports said that buyers for the business were being sought on the 22nd October; it is not clear whether expressions of interest are still being received.
AudioGO has five studios, offices and a mail order store in Bath. Its fall in sales was attributed to the price paid for digital products compared to CDs, but with unit sales increasing over the year.
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