Wed, 14 Aug 2013 | BUSINESS SALE
Advertising company Store Media plc has been bought out of administration following a lengthy and expensive legal dispute.
Based in Lancashire, with headquarters in Blackpool, the business has been in operation since 1989 and provides a range of different advertising materials. The company claims to have a reach of over 250 million customers a year through its high visibility displays in major retail outlets.
Despite enjoying financial success over recent years, posting a pre-tax profit of £527,000 in its 2011-12 accounts, the firm was hit by a drawn-out legal issue and was forced to appoint administrators from Sheffield accountancy firm Wilson Field.
Robert Dymond and Lisa Hogg took control of the process and oversaw the administration. The pair have since found a buyer for the firm. The buyer does not share any directors with Store Media plc, with the firm thought to be undergoing a full change of ownership.
A statement from Wilson Field issued to Insider Media explained the details of the administration: “The costs and outcome of a protracted legal dispute coupled with general problematic trading conditions caused financial difficulties.
"Prior to the appointment of administrators, a number of staff were made redundant. The remaining 19 staff were transferred to a successor business, Store Media Contracts Ltd, which purchased Store Media plc's business and assets.”
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