BusinessBusiness RecoveryKPMG finds a new home for Butt-Uglies

KPMG finds a new home for Butt-Uglies

Adminstrator KPMG has secured the sale of the business and assets of collapsed children's magazine company, Just Group Plc - creators of cartoon characters the Butt-Ugly martians and the Rugrats.

Corporate recovery partner Allan Graham, joint administrator for Just Group PLC, yesterday announced the sale of the business and assets of subsidiaries Just Publishing Ltd and Newsstand Publications Ltd, to Toontastic Publishing Ltd.

Graham, who along with Mick McLoughlin, was appointed joint administrator on 9 January this year, said: ‘We are delighted to have achieved the sale to Toontastic and preserved 18 jobs in the process.

‘Negotiations continue as to the sale of the other companies in the Just Group.’

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.

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