Swets Information Services Ltd, the UK subsidiary of Dutch parent company Swets Information Services B.V., has been placed in administration, with 120 employees made redundant.
David Taylor and Matthew Wild of Baker Tilly were appointed joint administrators to the business on Thursday (9th October). Staff heard about their job losses, which take immediate effect, the following day.
A skeleton staff has been retained at the UK office "in the short term", with the administrators currently seeking interested buyers for the Swets customer list.
Swets Information Services B.V. operates in 26 countries globally, and Baker Tilly said the group in its entirety was being placed into the relevant insolvency procedures in their respective jurisdictions.
The Netherlands-based company filed for bankruptcy last month.
According to Cambridge University Press journals m.d. Simon Ross, publishers are likely to honour any journals subscriptions pre-paid via Swets and to "soak up the damage" caused by its bankruptcy.