12 October 2005
Vertis Limited has regrettably announced that its wholly-owned subsidiary, Vertis Direct Marketing Services (Leicester) Limited, has been placed into Administration.
Ladislav Hornan, Andrew Andronikou and Peter Kubik of UHY Hacker Young have been appointed Joint Administrators.
Angus Steel, director of Vertis Limited, commented: "It's been widely known that the Leicester business has been performing poorly for some time. With insufficient investment in the facility during the last five years, the business had never regained its competitive edge. Crucially, the company recently lost its largest client which accounted for around 15% of turnover. The Directors reviewed the current losses, which continue to be substantial, and determined that the level of cash outflow would soon damage the value of the Company's assets. Consequently, we were advised to appoint an Administrator."
Vertis' other operations in Croydon, London and Swindon are unaffected by this decision.
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