Mon, 20 Dec 2010 | ADMINISTRATION
Outsourcing firm Mailcom (UK) Ltd has entered administration for the second time this year, with insolvency specialist FRP Advisory acting as administrator.
According to industry sources, Mailcom (UK) had lost a major contract with Santander, an occurrence which is thought to have contributed to Mailcom’s present situation.
Transactional mailer Opus Trust Marketing (OTM) has bought the firm’s order book and taken on 30 employees. The assets acquired represent 35 per cent of Mailcom’s business.
Chief executive of OTM, Linda Scott said, “The business taken on by Opus Trust Marketing will be transferred to our Leicester operation as soon as practically possible.”
Mailcom PLC was placed into administration for the first time in April this year and was soon bought in a £1 million pre-pack deal by Mailcom (UK). The move wiped out £1 million of debt, taking the total amount of eradicated debt to £4.5 million within ten months.
Cashflow problems and a potential depreciation of the firm’s assets were reasons attributed to Mailcom PLC’s predicament.
Mailcom (North) entered administration in June 2009, still owing £3.5 million to unsecured creditors. It was purchased by Mailcom PLC for £85,000.
Mailcom (UK) provides transactional mailing, direct mail, and contact centre management services. It operates from two sites in Tyne and Wear and Milton Keynes and has a total of 300 employees, according to its website.
Mailcom (UK) is not in any way associated with the franking machines company Mailcoms Ltd.
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