Administrators called in at payment processor

Administrators have agreed a deal to secure the future of part of a payment processing business which faced “unsustainable” funding pressures.

UPG, which operates from Halifax in West Yorkshire and Lichfield in Staffordshire, called in administrators on February 27.

The company, which provides transactional payment processing online, on the phone and from point-of-sale terminals, called in Chris Pole and Mark Orton of KPMG.

The administrators managed to sell its Accept Cards business on 2 March, saving 13 jobs.

However 17 jobs were made redundant in the UPG Gateway business, with another 17 retained until a sale is made.

Chris Pole, partner at KPMG and joint administrator, said: ” UPG has been affected by difficult trading conditions and funding pressures which have proved to be unsustainable. This ultimately resulted in the directors taking the difficult decision to place it into administration.

“We are currently reviewing options for the UPG Gateway business, including the option to continue to trade in the short term, while we seek a buyer for the business and its assets. We would encourage anybody who may be interested to contact the joint administrators as soon as possible.”