In a letter to creditors on the 6th September, Accountants Chamberlain & Co. of Leeds advised that Factory Media would “take steps to place into creditors voluntary liquidation”. Chamberlains today clarified that the company is not yet in administration or liquidation but is entering a “run down” period.
The story has been covered by a number of trade and consumer websites, as well attracting comment in many consumer forums.
The publishing group owns 16 outdoor titles, including cycling focused titles Dirt, RideUK, BikeMagic, BMX Talk, Total Women’s Cycling and RCUK. Factory Media is currently owned by Squared Up Media who bought the titles in 2017. CI.N reached out to Squared Up Media but was unable to find anyone who could comment at this time.
Leeds-based business turnaround firm, Chamberlain & Co have made clear that “the company is not yet in liquidation or administration. The process to place the company into liquidation has commenced but will not conclude until next week”.
They go on to say they have been instructed by the director to assist them in the sales and realisation process, meaning the titles will be put up for sale:
“Factory has excelled at delivering content that resonates with a broad audience forging an emotional reaction alongside a brand or product affinity and achieving a high level of engagement. It has a claimed dedicated and global audience of 11 million web visitors and has a social reach of 300+ million. This gives its clients targeted distribution of content on a global scale with extensive KPI and audience intelligence tracking. Strong demand is expected for this prime digital real estate all of which is being put up for sale.”
Chamberlain & Co can be contacted on 0113 2420808 or by email on: email@example.com.