Bath-based Audio book publisher, AudioGO, has confirmed that it has filed an intention to appoint administrators with BDO named as the likely administrator. The firm employs some 100 staff.
The managing director, Mike Bowen, and the financial director, Bradley Whittock, have both left following the cashflow problems.
AudioGO was created in 2010, when private investors purchased BBC AudioGO.
The company had been doing well and it posted profits of £2.4 million on marginally reduced sales of £15.6 million to Companies House last year, but its cash in the bank dropped from £1.9 million in 2011 to £346,142 in 2012.
AudioGO has 5 studios, offices and a mail order store in Bath. Its fall in sales has been blamed on the ever falling prices of digital media. That said, the audible.co.uk service that has been launched by Amazon has meant increased competition in this area.
The firm is expected to announce redundancies on Thursday as a potential deal for the business to be bought has collapsed.
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