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WFCA/Ekay

  • BY: Andrew Hore |
  • POSTED: 26/10/2008 |

Advertising and marketing company Ekay is placing its subsidiary Wallace Barnaby in members voluntary liquidation.

The Channel Islands-based advertising agency was losing money and was not expected to be profitable this year. There will be a positive effect on profits and the group’s net asset value.

The investment in the business was written off in the figures in the year to June 2008. Wallace Barnaby was acquired for £1.75m in cash and shares in November 2006. In the year to September 2006, Wallace Barnaby generated post-tax profits of £125,000 on turnover of £15.2m.

The insolvency of Wallace Barnaby will be handled by Begbies Traynor.

Ekay is changing its name to WFCA, which is the core business, at the AGM later this year.

At 6p a share, the company is valued at £9.42m. 

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