The viral content maker UNILAD, which posts funny stories, images, videos etc to Facebook has been at a court hearing where the judge said that it should go into administration. The company has debts of around £6m including £1.5m to HMRC. Advertisers used the company's reach into social media to insert adverts to targeted audiences but the high costs of this technology is one of the reasons mooted as to why the company has struggled.
The company, based in Manchester, began life as student “banter” page and is one of the world’s biggest publishers of viral content. It has hundreds of employees based at its headquarters and secondary offices in Shoreditch, London, and New York.
The company appears to have been having a torrid time as Unilad’s co-founder Alex Partridge, who is owed £5m by the company after successfully arguing he was cut out of the business, also called for it to be put into administration.
Given its presence on social media with 39m followers on Facebook, it is likely that part of the company will be sold and jobs could be saved. A final decision will be made on the 31st October when the court returns its verdict on the administration.
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