Group managing director Tom Robertshaw declined to comment on Wallace Barnaby’s decision to go into voluntary liquidation.
ABOUT 30 people lost their jobs yesterday when marketing and advertising firm Wallace Barnaby went into voluntary liquidation.
Established in 1984, the group, whose parent company is UK-based Ekay, had become the largest offshore marketing and advertising agency in the British Isles with businesses in both Guernsey and Jersey. The doors of the company’s Sydney Vane House premises were closed yesterday and the office appeared empty.
Group managing director Tom Robertshaw declined to comment.
The Wallace Barnaby Group turned over £22m. in its last financial year to the end of June. Its client list included the likes of Lloyds TSB Offshore, Abbey National, Guernsey Electricity and Jersey Dairy.
Insiders say the economic downturn was not to blame as the group had entered voluntary liquidation.
Adrian Rabet and Alan Roberts of business rescue, recovery and restructuring specialist Begbies Traynor (Channel Islands) have been appointed as joint liquidators.
‘The group has today placed itself into voluntary liquidation under The Companies (Guernsey) Law, 2008, because it cannot meet its debts as they fall due,’ said Mr Rabet.
‘We are in the initial stages of our appointment so our next step will be to investigate the causes for the business failure and take steps to meet the group’s liability to creditors through the liquidation of assets.
‘Sadly, this has meant that our first action has been to make some 30 members of staff redundant with immediate effect.’
CMA Events Management – a wholly-owned subsidiary of Wallace Barnaby – is contracted to organise the Liberation Day celebrations for Culture and Leisure.
CMA staff are known to be devastated at the situation which they believe was beyond their control. The company is understood to have been trading successfully and profitably.
Sources said customers, suppliers and sponsors of CMA Events Management were likely to feel very let down by the situation and the company’s
Article posted on 25th October, 2008 - 9.30am
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