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.

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