Tue, 11 Oct 2011 | ADMINISTRATION
UPDATE: Since initial publication, we have been informed that TNT Magazine has not entered administration as originally reported. TNT Magazine underwent a pre-pack administration on September 2 2011.
ORIGINAL STORY: TNT Magazine, the publication aimed at Antipodeans in the UK, has entered administration, just a year after undergoing a pre-pack sale.
The magazine is now being run by Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP, who are currently undertaking a thorough examination of the company's situation.
The publication provides news and a comprehensive events schedule targeted at Australian, New Zealand and South African people living in the UK long-term or just travelling through. It also has a similar operation based in Australia, providing for the British people travelling and living Down Under.
Mr Pick said that the magazine had struggled to bring in the advertising revenues in the face of internet publishing and listings.
"Over the past 10 years there has been a huge increase in the number of free magazines/newspapers and increasingly in 2009- 2011 the number of digital magazines/newspapers," he said.
"The economic downturn has and will continue to place huge amount of pressure on this already competitive industry as many companies reduce their marketing expenditure whilst the power of online social networking sites mean many marketers are looking at alternative advertising methods."
The principle shareholder in the company completed a substantial debt for equity swap in 2010, which continued the employment of staff and allowed the magazine to keep trading.
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LEASEHOLD
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