Bradford printing and direct marketing company, Global MP has gone into administration.
It’s reported that close to 200 jobs have been lost and that staff would not be paid for the wages that were due to them last Thursday.
Global MP, based in Bradford, was established in September last year following Cogent B2B’s acquisition of the St Ives Direct Bradford business from the St Ives Group.
Chris Ratten and Jeremy Woodside from Baker Tilly were appointed joint administrators after an 11th hour deal to find alternative financing collapsed on Monday.
A statement said that despite efforts to secure a sale of the company as a going concern, there was no alternative other than to appoint administrators.
The company, based in Battye Street in Laisterdyke, has now ceased to trade.
A Global MP spokesman told the Telegraph and Argus that the owner had done ‘everything he possibly could to re-finance this business’.
“He had no choice but to put the business into administration.
“Finance did appear to be in place right up until Monday lunchtime, but something happened and the deal fell through.
“The whole point of the re-financing was to pay staff’s wages, and the primary motivation was to make sure they got paid.
“The management team are very upset it has come to this.”