BusinessBusiness RecoveryBDO administrators called to Daily Sport publisher

BDO administrators called to Daily Sport publisher

Dermot Power and Patrick Lannagan are appointed administrators to Sport Media and its subsidiaries

THE DAILY SPORT and Sunday Sport publisher has called in BDO administrators.

Dermot Power and Patrick Lannagan, restructuring partners at BDO, were appointed joint administrators to Sport Media and its subsidiaries Sport Newspapers and MoreSport.

The companies ceased trading prior to the administrators’ appointment, and all 80 employees have been made redundant.

Power, said: “The companies have been exploring restructuring and sale options and regrettably the cash flow problems being experienced as a result of historic trading difficulties, coupled with limited interest from third party investors or an acquirer for the business, have resulted in the companies ceasing to trade.”

Both Power and Lannagan will seek a buyer for the companies which include newspaper titles, two adult content magazines and investment in digital content provider, Netcollex and Telecom 2. Both digital businesses will continue to trade as normal.

Related Articles

SFP sells off Pixel Projects and saves all staff

Business Recovery SFP sells off Pixel Projects and saves all staff

1y Stephanie Wix, Writer
Administrators from KPMG appointed to City Motor Holdings

Business Recovery Administrators from KPMG appointed to City Motor Holdings

1y Richard Crump, Writer
Begbies Traynor appointed administrators of William Anelay

Accounting Firms Begbies Traynor appointed administrators of William Anelay

1y Richard Crump, Writer
Smith & Williamson appointed administrators of 4Children

Accounting Firms Smith & Williamson appointed administrators of 4Children

1y Richard Crump, Writer
Cowgill Holloway concludes sale of film distributor Metrodome

Accounting Firms Cowgill Holloway concludes sale of film distributor Metrodome

1y Richard Crump, Writer
FRP Advisory sells Harland Machine Systems to Accraply Europe

Accounting Firms FRP Advisory sells Harland Machine Systems to Accraply Europe

1y Richard Crump, Writer
CVR Global sells DMG Steelworkers out of administration in pre-pack deal

Accounting Firms CVR Global sells DMG Steelworkers out of administration in pre-pack deal

1y Richard Crump, Writer
CVR Global administrators appointed at foreign language school

Accounting Firms CVR Global administrators appointed at foreign language school

1y Richard Crump, Writer