Fri, 26 Oct 2012 | ADMINISTRATION
The Webb Group has been hit by the ongoing economic turbulence and has entered administration.
BDO have been appointed as administrators of the business and they will oversee the sale of the company and its assets. However, in the first stage, the firm is actively looking for a buyer for the company.
The Webb Group made a number of acquisitions, of which the Book Club Associates (BCA) was one of the latest, made just a year ago. Among the group's other subsidiaries are Web Ivory Ltd, Simply Entertainment, Razamataz Books and Choices UK. It is thought that around 60 staff will be made redundant and for now the businesses have ceased trading.
Graham Newton, restructuring partner with BDO, commented: “Unfortunately the economic climate and difficult trading conditions significantly affected the business.
“The joint administrators are taking all necessary steps to mitigate losses to customers, creditors and stakeholders who are affected by the closure of these companies and, going forward, we will seek to maximise recoveries for the benefit of all creditors.”
Existing orders made through the firm will not be honoured, but customers will hopefully be able to receive refunds through a separate account being established through the administrators.
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