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BDO’s business restructuring partners Danny Dartnaill, Neville Side and James Stephen have been appointed joint administrators of City AM.
The joint administrators completed a sale of the business to THG Plc, formerly The Hut Group plc, immediately following their appointment.
Following the sale, the free London business newspaper will continue to trade under the City AM brand. As is usual in such sales, all 41 employees have been transferred to the buyer, with their employment rights protected.
The buyer, THG Plc, an e-commerce retail company headquartered in Manchester, owns online retail sites Lookfantastic, Glossybox, Zavvi and Coggles, as well as beauty and wellbeing brands including Myprotein, ESPA and Illamasqua.
Commenting on the sale, Dartnaill said: “The impact of Covid and changing commuter habits, combined with reductions in traditional advertising revenues, significantly affected City AM’s business.
“The sale of the business to THG is a positive one. It provides the best outcome for creditors in the circumstances, as well as saving the jobs of all staff and preserving the City AM brand.”
