Pre-pack saves jobs at Blackpool new media firm
A “pre-pack” administration deal has saved more than 20 jobs at a North West media company providing restaurant guides and offers on meals.
Stevenson Minshall, which operates the Sugarvine.com brand, appointed Mark Colman and John Titley of Bury-based insolvency practice Leonard Curtis as joint administrators on June 27.
A spokesman for Leonard Curtis said that the company had been filed for insolvency as they were “unable to pay debts as they fell due”. He added that the company had taken advantage of HMRC’s “Time To Pay” initiative but had more recently come under more intense pressure from the organisation as it sought to recover its debts.
However, he added that the deal to sell the company’s assets back to owners Adam and Clive Holland had secured the jobs of all of its employees.
Adam Holland told TheBusinessDesk.com that the company had now “set up a more robust corporate structure” as a result of the firm’s reorganisation and now had new funding in place to facilitate further growth.
“The new corporate structure will provide a solid platform for a range of new product offerings, starting with the launch of Sugarvine Social, a new photo-sharing iPhone and Android app which is set to hit the market in July,” he said.
“As far as we’re concerned there are no issues and the company is trading as normal. It’s very much business as usual.”
Leonard Curtis was advised on a valuation of Sugarvine’s intellectual property assets by the Manchester office of asset management consultancy Charterfields.
