Fri, 16 Aug 2013 | BUSINESS SALE
Thomson Directories, which entered administration earlier this week, is understood to have been sold just hours after the administration went through.
Corporate Media Partners, a UK company that provides data to the 118 118 telephone service, agreed to buy the business, commonly referred to as Thomson Local, and its associated assets and brand for an undisclosed sum.
Administrators from Grant Thornton oversaw the sale of the distressed company. While Corporate Media Partners took on the business, the administrators have passed Thomson's pension fund and its deficit, which runs into the tens of millions of pounds, across to the state Pension Protection Fund.
Patrick Bradshaw and Paul Spinks set up Corporate Media Partners just last month. The company was born out of previous work on business databases that the pair had undertaken. Mr Bradshaw commented on the distressed acquisition: "We ... believe that the Thomson Online Directory offering will be a useful resource from which a number of our larger licensing customers can benefit."
He added that the acquisition is a "hugely important addition" to the group, noting that the brand alone achieves "instant recognition".
The administration resulted in almost 200 employees being made redundant. It is unclear how the new company will proceed with regards to staffing matters and company structure.
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Related information:
Thomson Directories in Administration
Government clarifies rules on pre-packs
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