BusinessBusiness RecoveryButt-Uglies bite the dust

Butt-Uglies bite the dust

Children's entertainment rights company Just Group, owners of notorious cartoon characters Butt-Ugly Martians, have come crashing to earth following the appointment of administrators

The plug was pulled on the AIM-listed company after the failure of a last ditch fund-raising exercise following the suspension of its shares in November last year.

KPMG has now been brought in to see what can be salvaged from the company, which owns the intellectual rights to a number of children?’s characters, including Pinky and Perky as well as the Butt-Ugly Martians.

In August last year, the directors at Just sacked chief executive Wilf Shorrocks, who had founded the company 14 years previously, for alleged misuse of company funds, an allegation Shorrocks denies.

The company had also been considering legal action against Andersens over its due diligence work during the purchase of Mediakey in 2000.

The administrators have already been forced to make nine of the 78 employees of the company redundant.

Liabilities at the company are thought to be in the region of £23m, £12m of which is owed to NatWest.

Allan Graham, one of the administrators, said: ‘The group has made substantial losses in recent periods. However, despite this, the business is a potentially attractive proposition going forward due to the strength of the intellectual property rights to a number of brands it holds.’

Related Articles

EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

3m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

4m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

6m Alia Shoaib, Reporter
Manor Racing Formula One team company enters administration

Business Recovery Manor Racing Formula One team company enters administration

9m Stephanie Wix, Writer
Oil and gas sector insolvencies hit “new high”

Accounting Firms Oil and gas sector insolvencies hit “new high”

9m Stephanie Wix, Writer
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

7m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

8m Emma Smith, Managing Editor
Business confidence drops to second lowest level since 2011

Business Recovery Business confidence drops to second lowest level since 2011

9m Stephanie Wix, Writer