Tue, 20 Jul 2010 | ADMINISTRATION
An urgent search has been launched for a buyer for leading performance marketing network, Deal Group Media UK Ltd (DGM), after the company collapsed into administration.
Financial services firm, RSM Tenon, was appointed as administrator. A spokesman for Devonshire-registered DGM, Dan Carter, confirmed the appointment, adding that all hands were on deck to maintain the company.
"DGM officially fell into administration on Tuesday 13 July at 11am," he said. "The administrators are working on trying to sell the company so we are not officially closing the door."
DGM is an intermediary company that passes commission from retailers on to cashback sites, which they then give to customers if they click through to that store via the link on a specialist moneyback site.
Some of the cashback sites are anticipating losses from the company and are informing their customers of the situation. One of the companies, Quidco emailed potentially affected members on Friday saying it will not pay out to anyone who has made a recent purchase from a retailer who used the DGM network, if it hasn't received the cash. It has since said the situation is under review as it tries to establish DGM's situation.
DGM counts the Financial Times, Orange and P&O Ferries among its 192 clients. Trading will continue while a buyer is sought, but industry experts have predicted that most, if not all, cashback sites will stop using DGM.
Further information on the process is expected on Wednesday.
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