Jobs go at failed Bath firm AudioGO after administrators take control

October 31, 2013

Fifty-seven workers at Bath audio books firm AudioGo have been made redundant as administrators blamed “significant accounting issues” for its collapse.

The firm, employing around 100 staff in Bath, officially entered administration last Thursday, less than a week after efforts to sell it as a going concern were abandoned.

Accountants BDO said its restructuring partners Mark Shaw and Tony Nygate were appointed as joint administrators over the firm today. BDO was engaged to find a buyer for AudioGO’s business earlier this month.

BDO confirmed that discussions reached an “advanced” stage with a number of potential financial buyers, trade buyers and investors for the UK business.

In a statement it added: “But it was not ultimately possible to finalise a sale of the UK business as a going concern or to secure the investment needed.”

The US arm was sold on October 7 to American rival Blackstone.

AudioGo published audio and large print books with more than 30,000 titles in various categories.

The company suspended business operations on 22 October, prior to the appointment of administrators. 

Mr Shaw said: “Significant accounting issues and the consequent working capital requirements at AudioGO led to it being insolvent. 

“Unfortunately, there was no other option at this stage but to place the remaining UK business into administration, as no suitable buyer could be found.  The administrators are taking all necessary steps to mitigate losses to customers and to maximise recoveries for the benefit of creditors.”





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