A Blackpool advertising company has been sold out of administration following a “protracted legal dispute”.
Store Media plc entered administration on 30 July. Robert Dymond and Lisa Hogg of turnaround and insolvency firm Wilson Field were appointed as joint administrators to the company.
A spokesperson for Wilson Field said: “Store Media plc placed advertising equipment and had hosting contracts with retail outlets and supermarket chains. “
“The costs and outcome of a protracted legal dispute, coupled with general problematic trading conditions, caused financial difficulties.”
Recently recorded turnover of Store Media plc was in the region of £12million per annum. According to the company’s 2011/2013 accounts, it posted pre-tax profits of £527,000 and employed 78 members of staff.
The spokesperson said: “Prior to the appointment of administrators, a number of staff were made redundant. The remaining 19 staff were transferred to a successor business, Store Media Contracts Limited, which purchased Store Media plc’s business and assets.”
Store Media, established in 1989, specialises in retail-based media and advertising services, claiming to have a reach of over 250 million customers per year.
The buyer has not been named and does not share any directorships with Store Media plc.