Moorfields appointed administrators of TNT Magazine
Simon Thomas and Robert Pick of Moorfields Corporate Recovery LLP have been appointed Joint Administrators over the well known TNT magazine aimed at people travelling to the UK.
The magazine specialises in producing a free monthly publication and events schedule for Australian, New Zealand and South African nationals living, working and travelling in the UK.
The business also recently established a similar operation in Australia aimed at British travellers.
The magazine had been struggling for several years as a result of reduced marketing expenditure and job advertisements and in 2010, the principal shareholder completed a substantial debt for equity swap.
Following an extensive marketing campaign, the Administrators completed a pre pack sale, securing the continued employment of staff and allowing continued trade of the well regarded magazine.
Robert Pick, Partner, “Over the past 10 years there has been a huge increase in the number of free magazines/newspapers and increasingly in 2009- 2011 the number of digital magazines/newspapers. The economic downturn has and will continue to place huge amount of pressure on this already competitive industry as many companies reduce their marketing expenditure whilst the power of online social networking sites mean many marketers are looking at alternative advertising methods”
Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.