Pinewood Media Group, the Reading based packaging and printing specialist for the media industry, entered into administration on 15 May, 2009. Jason Baker and Geoffrey Rowley, client partners at Vantis Business Recovery Services (BRS), a division of Vantis, the UK accounting, tax and business advisory group have been appointed Joint Administrators.
Commenting on the case, Jason Baker said: “Unfortunately Pinewood Media Group has suffered as a result of the recession which has led to severe loss of turnover affecting its ability to trade and, in turn, affecting the viability of the core business.
“Consequently, the business has ceased to trade and, regrettably, a number of redundancies have needed to be made.”
“An element of the business relating to archive, repurpose and distribution of media digitally is, however, continuing to trade, but this is simply a short-term arrangement until another organisation can feasibility assume responsibility for this ‘digital vault’ service. We will not be seeking to trade this part of the business and its main purpose is to contribute to the process of asset recovery.”