BDO announces Latitude pre-pack
Latitude sold off in pre-pack administration
Marketing giant Latitude Group has been sold off in a pre-package
administration.
Partners from BDO handled the administration and sold the business and assets
to Latitude Digital Marketing Limited, which included the transfer of all 97
staff.
The
Daily Telegraph also reports that Barclays agreed to write off loans to
Latitude.
Toby Underwood and Dermot Power, from BDO handled the administration.
Underwood said in a statement that despite a strong business model, the wider
economic conditions had an adverse impact on the financial structure of
Latitude.
“We are pleased to have protected all 97 jobs and secured the sale of the
business and assets of the company, allowing it to deliver its growth
potential.”
Read the full Daily Telegraph story:
Barclays
loses millions on bad loan as Latitude goes into administration