Swets Information Services Ltd has gone into administration after its Dutch parent company, Swets Information Services B.V., became insolvent last month.
With offices across 27 countries, the global information services provider has had significant financial problems leading to a number of companies, including the UK subsidiary, entering administration. The business provides services to publishers and libraries across the world.
Unfortunately, 120 staff have had to be made redundant with a few being kept on to assist with administration process. Joint administrators, David Taylor and Matthew Wild of Baker Tilly were appointed on Thursday 9th October and are now looking to find potential buyers for the customer list.
According to reports, any journal subscriptions already paid for with Swets will be honoured by publishers.
If you are an employee of the business, please listen to the video below as it will tell you your rights as an employee of an insolvent business. There is a link at the end of the video to the Government website which expands further on what you need to know.