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.
Just Racing Services, operating company of the Manor Racing Formula One team has entered administration
Last year 16 oil and gas companies became insolvent, finds Top Ten firm Moore Stephens
Team Rock the publication of classic rock is in administration with FRP Advisory
Lifestyle Living UK is being marketed for sale by FRP Advisory administrators