LadBible’s purchase of UniLad has safeguarded more than 200 jobs in the short term, although their longer term future remains uncertain.
Administrator Leonard Curtis yesterday announced: “The sale of the business, which was concluded on a going-concern basis, has safeguarded over 200 jobs in both Manchester and London.”
An unnamed UniLad staffer later told The Guardian: “There will be an assessment period where they talk to all of us and come up with a business plan,” adding that the long-term outcome “may include downsizing” and that staff were prepared for redundancies.
Another said: “There’s a very mixed feeling among the staff – some dreading the future, some remaining positive as it could become a better run company with more opportunities.”
UniLad and LadBible are the two biggest publishers on Facebook, although latest company accounts suggest their combined annual revenue is only £25m
UniLad’s former management has complained about the administration process, claiming it favoured LadBible and excluded rival bidders.
LadBible had helped force UniLad into administration by buying up £5m of the company’s debt, with the entire administration process completed within a fortnight.
The final sum paid for UniLad has not been disclosed, although the company had total debts of about £10m, including £1.5m owed to the taxman.
