Thu, 01 Jul 2010 | ADMINISTRATION
Mark Orton and Will Wright of KPMG have been appointed as the joint administrators to The Artful Group Limited, which trades as The Art Group. A small number of staff are to remain to help the administrators seek a new owner for the business.
Mr Wright said the publisher had suffered a long-term decline in customer orders, which has had "a punishing effect on the trading of the business". The shareholders had worked hard to identify an alternative solution, before calling in the administrators.
The company describes itself as "the market leader in contemporary art publishing" on its website. It designs and retails greetings cards, prints and frames. It collaborates with artists to develop their art and create high quality reproductions from which to make prints.
Its clients include IKEA, Next, Laura Ashley, Tate Gallery, The V&A, and the Natural History Museum.
Its last recorded revenues for the year to 31st December 2008 stood at £12.57 million, with pre-tax profits of £669k.
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