The directors of the club, also known as the Tykes, said they had been left with no other choice but to petition the High Court in Leeds for an administration order in order to ‘provide time for the club to agree a refinancing package’.
Joint administrator Matthew Dunham said that the problems with ITV digital was the ‘prime cause’ of the club’s troubles. The team, which five years ago was gracing the Premiership, has been left with a wage bill of £5m a year, but income of only £4.5m.
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