The company announced last week it was petitioning for administration as a ‘prudent course of action’ after feeling financial pressure. RSM partners Geoff Rowley and Michael Oldham were today appointed joint administrators of the company.
Tony Blin-Stoyle, managing director of UpMyStreet, explained: ‘In simple terms, UpMyStreet does not have the cash reserves to enable it to trade through until it reaches profitability.
‘We filed for administration but still have time as we are fully solvent.’
‘We still believe strongly in our business plan, our people and our products. As such, the Board has put the company up for sale’
He added that the appointment of RSM was a ‘pre-emptive action’ to make sure the business would have the best chance to find a buyer.
Upmystreet.com is an information provider whose products include a website, linking clients to postcode-based information and commercial services that help businesses and public sector bodies organise their web-based information.
The group, which has annual sales of about £2m, is partly owned by BskyB and News International and NM Rothschild.
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