Thomson Directories placed into administration
Thomson Directories, the UK subsidiary of Italian publisher of telephone directories and street maps, Seat Pagine Gialle (SPG), is understood to have entered administration. The Drum has learned that the local business directory has informed staff of administration process which took place today, with a consultation process over redundancies thought to be already underway. Staff are also said to have also been informed that there are three potential buyers for the business, although their identity is unknown at this time. At the end of June, SPG filed with the Court of Turin a proposal for a “composition with creditors" which is similar to a Creditors Voluntary Agreement. A meeting of creditors is also scheduled for next January, while in July, following a general shareholder’s meeting for SPG, it was revealed that the company’s overall losses had reached €432,885,844.60. At the time of writing, no one from Thomson Directories had responded to The Drum’s approaches for a comment and to reveal the name of the administrator. At the time of writing, the company's phone lines were all being diverted to a mailbox. The business has been operating for 30 years, with services offered across online and print, having launched its local search website in 2003. According to its webpage, 174 editions of the Thomson Local are produced and delivered to over 22 million homes and businesses throughout the UK each year. It also claims to hold over 1.8m business listings, reviews and ratings. Update: The Daily Mail has reported that about 200 staff members at Thomson's were made redundant yesterday, after a meeting of sales staff was called at head office. Grant Thornton has reportedly been appointed as administrators for the company. The Drum understands that a buyer has been found and that a meeting will be held after midday today at headquarters to reveal further information to retained employees. Update: Thomson Directories has been bought by a newly formed company run by the owners of 118 Information, The Drum has learned.