Picardy Media Group’s Scottish offices have been put into receivership after they failed to secure adequate new business at the close of last year.
The Glasgow-based post-production company, which is headed up by majority share-holder Iain Hogg – who previously part owned Slater Hogg and Howison estate agents – is now in the hands of receivers Grant Thornton who are looking for a buyer for the business.
The receiver has said that the company was hit by the downturn in business which has affected the whole of the commercial media.
Picardy’s two recently acquired Manchester-based subsidiaries will continue to operate in profit, however it is thought that they too may be sold as part of the deal if a buyer is found for the beleaguered company.
Picardy Media Group employs 30 staff in Glasgow and Edinburgh and its clients have included Coca Cola, Standard Life Bank and the Scottish Executive.