Wed, 02 Jul 2014 | ADMINISTRATION
Bradford printing company Global Media Production has entered administration with business ceasing immediately while a buyer is sought.
Global MP was formed in November last year when St Ives Direct Bradford Ltd was bought, and then subsequently renamed, by investment group Cogent B2B for £8 million. There were reportedly attempts to complete a last ditch re-financing deal to save the company but these proved unsuccessful.
Chris Ratten and Jeremy Woodside from Baker Tilly were appointed as joint administrators yesterday (1 July). Global MP ceased to trade with immediate effect while all staff – more than 150 people – have been made redundant.
Mr Ratten explained: "The cash flow issues at the company were such that administration was the only option to protect the remaining assets for the benefit of creditors.
"Regrettably we have had to make a number of people redundant, and our specialist employee team will be assisting them to make the relevant claims with the Redundancy Payments Service."
A spokesperson for Global MP added: "The owner has done everything he possibly could to re-finance this business, but ultimately at the 11th hour it proved unsuccessful. He had no choice but to put the business into administration.
"Finance did appear to be in place right up until Monday lunchtime, but something happened and the deal fell through. The whole point of the re-financing was to pay staff's wages, and the primary motivation was to make sure they got paid.
“The management team are very upset it has come to this."
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