A Bradford-based printing and marketing firm has entered administration, resulting the redundancy of 150 staff.
Global MP Ltd entered administration following a period of cashflow problems. The company has now ceased trading.
The company was only established last year following the acquisition of St Ives Direct Bradford Ltd from the St Ives Group by Cogent B2B.
Despite attempting to sell the business as a going concern, the director placed the company into administration.
Chris Ratten and Jeremy Woodside of Baker Tilly were appointed as joint administrators to the company.
Ratten, chair of Baker Tilly’s restructuring and recovery practice, said: “Despite securing a new working capital facility earlier this year, the cash flow issues at the company were such that administration was the only option to protect the remaining assets for the benefit of creditors.
“Regrettably we have had to make a number of people redundant today, and our specialist employee team will be assisting them to make the relevant claims with the Redundancy Payments Service.
“Our role now will be to maximise recoveries for the company’s creditors.”