Prepaid card firm runs out of cash

A LANCASTER-based business which provided pre-paid and trade account cards for customers including Pizza Express, Travelodge and AA Driving Schools has called in the administrators, putting 27 jobs at risk.

G-T-P Group, which also traded as G-T-P Financial Services and Funds-Flow, was an FSA-authorised firm allowed to issue e-money in 29 different European Economic Area states.

Its cards were either used as gift cards for consumers or as account cards allowing employees of individual businesses to pay for certain pre-approved goods and services.

Patrick Lannagan and Dermot Power of the business restructuring arm of accountancy firm BDO were appointed as joint administrators on November 24.

The administrators said that the group would continue to trade while options for a sale of its business and assets as a going concern were considered.

“Unfortunately the economic climate and difficult trading conditions have affected the business, leading it to experience cash flow difficulties,” said Mr Lannagan. “We are currently exploring options for a sale and are in discussions with a number of potential purchasers.

“The employees at G-T-P are working hard to ensure that there is no impact to clients or their customers during this short period.”