The data management business, Manifest Information Services, began administration proceedings this month.
Experts believe the company’s poor financial state is due to cash flow issues. However, the administrators have not commented on the exact reasoning behind Manifest Information Services falling into administration.
Here we will take a closer look at the company and suggest what the future holds for customers and employees.
Who is Manifest Information Services?
Manifest Information Services is a company that work from Freebournes Court, Newland Street in Witham. They employ approximately 30 members of staff and offer a very specialist service.
The business analyses companies on behalf of investors and helps them prepare for events that include decision-making like annual general meetings. They also advise on corporate governance issues worldwide.
Manifest Information Services has been operating since 1995 and always aims to deliver “objective, conflict-free corporate insights", and “customised vote guidance”.
They do this by collecting high-quality data about different companies and industries. They use bespoke software to present their analysis and a knowledgeable team is always on hand to assist their customers.
Manifest works as a ‘proxy advisor’ like ISS and Glass Lewis. They work closely with several large investors and regulatory bodies including the Financial Reporting Council (FRC).
Estimates say that Manifest Information Services’ clients manage assets worth more than £1 trillion worldwide.
Why did it go into administration?
It is not yet clear why Manifest Information Services has gone into administration. However, many reports suggest it might concern cash flow issues.
The company will continue trading while the administrators, Jeremy Willmont and Neville Side of Moore Stephens, explore all possible options for the business.
They are currently in talks with a “number of people” about the sale of the business which may maximise its value. Still, Jeremy Willmont is very positive about the role Manifest Information Services plays in the industry:
“Manifest has been a pioneer in providing the tools and enabling institutional investors to engage more closely in corporate governance issues.
“In Manifest’s 20 years, they have played a key role in driving the corporate social responsibility and stewardship agenda.
“Whilst they have entered administration, Manifest continue to operate and continue to add to their vast and valuable databases and research for their clients.”
Despite these positive words, the employees of Manifest Information Services are now at risk. Approximately 30 long-term employees face an uncertain future while the administrator explores options like restructuring, CVA and voluntary liquidation.
The administrator has not commented on whether their jobs will be saved through the sale of the business.