News blog
Real Affinity
- BY: Andrew Hore |
- POSTED: 28/05/2008 |
Real Affinity’s subsidiary Conferaccom has been placed in administration.
Real Affinity shares have been suspended. The marketing services company was going to offload the business but failed to complete the disposal so Mazars was appointed administrator.
Swindon-based conference and event management company Conferaccom was going to be sold for £1 and the assumption of an inter group loan of £2.1m by the buyers, who had originally sold the business to Real Affinity. The disposal fell through because Real Affinity couldn’t pay £300,000 in settlement of the deferred consideration they were owed. That cash was supposed to come from the disposal of another part of the group but that sale was delayed.
The plan was for Real Affinity to sell all or most of its assets and become a shell. Conferaccom’s large debt to Real Affinity sparked the suspension of the shares at 0.013p, which values the company at £450,000.
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