Webmedia’s 1m deficit unlikely to be repaid

Webmedia, the leading UK Web design agency which went into receivership on January 8, had accumulated “a total deficit over 1m”, according to a spokesman for the liquidator Leonard Curtis.

Keith Goodman of Leonard Curtis told a creditors’ meeting last Friday that Webmedia Ltd went out of business owing 205,000 to the Inland Revenue and 125,000 to various “trade creditors”.

But the major loser will be shareholders in parent company Webmedia Group and its major backer Megalomedia, which is likely to lose 710,000 of funding sunk into the failed business.

A spokesman for Goodman, speaking after the meeting, described the chances of trade creditors recovering any money owed as slim. “There is some money owed to the company, but not a lot,” he said.

The directors of Webmedia reiterated their intention of remaining in business as the Webmedia Group, redirecting the focus of the company away from Web design and into strategic consultancy. Webmedia’s client list included Pearson Television and Lufthansa.

Latest from Marketing Week

PLEASE SIGN IN OR REGISTER. IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and inspiration that will help you develop as a marketer and leader.

Register and receive the best content from the only title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work, so we can make Marketing Week more relevant to you.

Register now

THE BEST CONTENT

Our award winning editorial team and columnists will ask the biggest questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we will be your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Dedicated to developing your skills and helping you achieve marketing excellence. Find guidance on leadership, professional development and the latest industry jobs.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here