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Fifty-seven redundancies made at AudioGO
01.11.13 | Benedicte Page
A total of 57 employees were made redundant at audiobook publisher and retailer AudioGO, following the formal appointment of BDO as administrators yesterday (31st October).
Other employees (AudioGO originally employed close to 100) remain in place to assist the administrators with the next steps in the process.
The Bath-based company suspended business operations on 22nd October. A statement from BDO said: "Discussions were advanced with a number of potential financial buyers, trade buyers and investors for the UK business, but it was not ultimately possible to finalise a sale of the UK business as a going concern or to secure the investment needed."
Mark Shaw, BDO business restructuring partner, said: “Significant accounting issues and the consequent working capital requirements at AudioGO led to it being insolvent. Unfortunately, there was no other option at this stage but to place the remaining UK business into administration, as no suitable buyer could be found. The administrators are taking all necessary steps to mitigate losses to customers and to maximise recoveries for the benefit of creditors.”