Founder and chief executive Mark Dixon, has implemented a year-long restructuring program during which the US division has renegotiated expensive leases taken during the IT boom, the Financial Times reported.
Too rapid expansion in the US, after it floated in the UK in September 2000, resulted in over-capacity leading to financial problems and a £103.5m operating loss in the fourth quarter of 2002.
In April this year, the group said it was trading close to break-even.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies