Administrators from corporate recovery and business advisory firm Quantuma have been appointed at a Banbury-based school photography and marketing services business.
Partners Frank Wessely and Chris Newell were appointed as administrators to Ward-Hendry Ltd on 18 January 2018.
Prior to their appointment, all 35 staff had been made redundant on Wednesday 20 December, when it became clear that the business could not continue.
The business was founded in 2005 and had a turnover of approximately £2.1 million per annum.
Frank Wessely said: “In the second half of 2017 the company experienced cashflow problems. In December 2017 it was clear the company could no longer pay its debts as and when they fell due.
“Despite protracted negotiations with various unconnected parties, we have been unable to agree a sale for part of the business. Therefore, assets will be sold for the benefit of secured and preferential creditors.”
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For further information, please contact:
Andy Skinner, Managing Director, ASAP PR – 07990 978257
Marie Wadeson, Head of Marketing,
Quantuma LLP, Vernon House, 23 Sicilian Avenue, London, WC1A 2QS
Tel: 07464 545678
Notes to Editors
Quantuma LLP is a leading corporate recovery and business advisory practice delivering partner-led solutions to businesses and individuals facing financial distress with offices in London, Southampton, Marlow, Watford, Brighton, Bristol, Manchester and Birmingham.