This Is Guernsey

THE former co-managing director of White Knight PR has revealed he had no idea that the company was going under.

Jim Delbridge (pictured) had held the position at the Wallace Barnaby subsidiary until Friday.

‘I had wind of it only hours before,’ he said. ‘However, no one knew for certain it was happening until we were taken aside and told.’

Despite the news, he feels the people within the company had pulled together.

‘It was a reflection of the family spirit that when Tom [Robertshaw] called us in and told us what was happening, people actually thanked him. He has been a bit of a scapegoat. Tom’s a decent bloke and he’s been trying hard.’

Mr Delbridge is now looking to the future.

‘It is early days. I have to take stock and see what options are open to me. We were halfway though projects with clients and we hope we will be able to continue and finish those projects.’

Wallace Barnaby parent company Ekay has said that liquidating the local operation will have a positive impact on the UK group.

It will benefit its balance sheet, profitability and cash flow because ‘negative net assets will no longer form part of the consolidated financial balance sheet,’ it said in a London Stock Exchange announcement.

The company also said that Wallace Barnaby had not been expected to reach profitability in the forthcoming financial year.

It announced the liquidation at 4.34pm on Friday and earlier that day had revealed that it had issued increased equity in the business, the second such move this month.

It has also moved its registered office and, on 1 October, announced the additional deferred payment of £404,804 relating to the acquisition of WFCA Integrated Ltd.  in the forthcoming financial year.

Article posted on 27th October, 2008 - 2.29pm