80 jobs lost with administration of Sport Media Group
With the announcement that BDO LLP has been appointed as administrator to Sport Media Group, it has been revealed that all 80 employees of the Manchester newspaper publishing have been made redundant.
Last week, Sport Newspaper Limited and Moresport Limited, publishers of the Sunday and Daily Sport newspapers and adult magazines, ceased trading, and has appointed Dermot Power and Patrick Lannagan as joint administrators.
As a result of the appointment, BDO LLP has said that it had to make all 80 employees redundant despite continuing to find a buyer for the assets which it says will continue to trade as normal outside of administration.
Dermot Power, BDO business restructuring partner, explained: “The Companies have been exploring restructuring and sale options and, regrettably, the cash flow problems experienced as a result of historic trading difficulties, coupled with limited interest from third party investors or an acquirer for the businesses, have resulted in the Companies ceasing to trade. The Joint Administrators are taking all necessary steps to maximise recoveries for the benefit of creditors and would welcome early contact with any interested parties.”
They added that due to the early stage in the Administration process, they were unable to comment further at this time.
Should no owner be found, it will mark the first closure of a UK national newspaper since the closure of Today in 1995.