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Doubletake Studios Ltd enters administration

17 November 2011

Doubletake Studios Ltd entered into administration earlier this week (Tuesday 15 November 2011), with the appointment of Joint Administrators, Phil Armstrong and Geoff Rowley, partners at FRP Advisory LLP, the specialist restructuring, recovery and insolvency firm.

The professional photographic studio was headquartered in London with operations in Birmingham, Manchester and Southampton.

Approximately 450 full-time staff and a further 350 contractors were unfortunately made redundant with immediate effect.

A total of 355 staff were employed at the company's Bakers Row and Clerkenwell Close studios in Farringdon, 166 in its Birmingham studio and a further 156 and 136  respectively at its Manchester and Southampton studios.

The company suffered severe cash flow problems caused by the deferred nature of its revenue streams and was unable to discharge significant arrears of crown debt. In the event, the Company was unable to pay costs of vital service providers that would have enabled it to continue trading.

Joint Administrator Phillip Armstrong said: "Despite exploring payment options with HMRC, the Company's historic debt and the Company' s short term cashflow proved unmanageable, and we are now undergoing the process of closing the business down. We will be working with management to fulfil outstanding orders and assisting the Redundancy Payments Office in processing redundancy payments for staff

"The situation is regrettable, but having explored options it was found that Doubletake Studios Ltd was not viable for a sale as a going concern and we were forced to begin the shutdown process." 

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