The UK subsidiary of Netherlands-based information services provider Swets Information Services B.V. has entered administration.
Swets Information Services Ltd, based in Abingdon, has followed its parent group into administration, resulting in 120 redundancies.
David Taylor and Matthew Wild of Baker Tilly were appointed as joint administrators to the company on 9 October and are currently seeking a sale of the company’s customer list.
Administrators also confirmed a “skeleton staff” has been retained in the UK “in the short term”.
Swets, which provided information and content management services for media and publishing houses, filed for bankruptcy in the Netherlands last month.
The group had operations in 26 countries globally, all of which are “being placed into the relevant insolvency procedures in their respective jurisdictions.”
The company’s most recent annual report (to the year ending 31 December 2013) described 2013 as a “turbulent year” for the group, as both net sales and cash flow fell.
A statement issued by the company upon entering bankruptcy said: “We are currently reviewing various options in order to preserve as much of the inherent value of the business as possible and to continue the business.
“Please note that at this time we also review the consequences of this bankruptcy on the activities of Swets Information Services B.V. and its foreign subsidiaries“.