Mon, 23 Mar 2015 | BUSINESS SALE
The firm behind Female First has been bought after it went into administration last month.
First Active Media, which trades as Female First, runs a website aimed at women providing news and features on entertainment, lifestyle, fashion and beauty. The company entered into administration on 27 February, with Andrew Rosler, of insolvency practitioner Ideal Corporate Solutions, in charge of finding a new buyer. The former management team has now acquired the firm, retaining seven full-time employees.
Rosler explained: “The company had been experiencing cash-flow difficulties and approached Ideal Corporate Solutions for advice on its current financial position and the most appropriate course of action. It was recognised that the company was insolvent as it could not pay its liabilities as and when they fell due.
“The company entered into administration on 27 February 2015 and Andrew David Rosler of Ideal Corporate Solutions was appointed as sole administrator. No external offers were received by marketing agents and the business and assets were sold to the former management team which preserved seven full-time jobs.”
First Active Media had previously received a £350,000 investment from the North West Fund for Digital & Creative in 2012. The money was aimed to enhance the content featuring on Female First and support the hire of sales and marketing staff.
Responding to the news of the company appointing administrators, a spokesman for the North West Fund for Digital & Creative said: “It is always disappointing when a business enters administration. Unfortunately this situation remains a risk for all innovative early-stage businesses.”
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Related information:
Our list of businesses entering administration is regularly updated
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