Fri, 18 Nov 2011 | ADMINISTRATION
National photography company, Doubletake Studios Ltd, has entered administration after suffering financial difficulties involving its crown debt.
The company - which is headquartered in London, but has operations in Manchester, Birmingham, and Southampton - called in administrators this week, who are now exploring selling off the business's assets.
Joint administrator, Phillip Armstrong, from FRP Advisory LLP, described the situation as "regrettable". He said that the company had been unable to pay some of its key service providers, which had meant it became unable to keep trading.
"[The company] suffered severe cash flow problems caused by the deferred nature of its revenue streams and was unable to discharge significant arrears of crown debt," Armstrong explained. "Despite exploring payment options with HMRC, the Company’s historic debt and the Company's short term cash flow proved unmanageable, and we are now undergoing the process of closing the business down."
Doubletake employed 450 full-time staff across the country who are now liaising with the Redundancy Payments Office and administrators to process redundancy payments.
Mr Armstrong added that selling the business as a going concern had been deemed to be unviable, so they are now looking to capitalise on the company's assets, while working with company management to fulfill any outstanding orders.
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