Jobs go as GovToday ceases trading

AN Events and online publishing company has ceased trading with the loss of all 22 jobs.

Amid rising losses GovToday’s directors instructed insolvency practitioner Steven Wiseglass, of Manchester-basd Inquesta, to place the business into liquidation.

The company, based at MediaCityUK, Salford Quays, was founded in 2008 by directors Tony Farrar, Rob Hollis and Richard Taylor. It raised significant funding in 2013 when it raised £700,000 to expand. Investors included VC firm Osprey Capital and the North West Fund for Creative and Digital.

GovToday organised conferences for the public and not-for-profit sectors.  Its events trypically took place in London, and the business generated revenues from commercial sponsors.

GovToday also delivered government news and opinion via an online portal.
The firm had received investment of more than £1m since 2013 but, despite this, its trading losses increased as costs spiralled.

A round of cost-cutting earlier this year saw its workforce reduced by around 50%. Although the business was profitable in the Spring, revenues tumbled in June, Inquesta said.

After takeover talks failed and GovToday was unable to raise further investment, the directors were left with no other alternative than to cease trading.

Steven Wiseglass, said: “GovToday had a good core business and the quality of its conferences was extremely high. However, its financial position became untenable and regrettably this has resulted in it being unable to continue to trade.

“I will now be looking to sell all or some of the company’s assets.”