AudioGo files for administration

The UK audiobook publisher has confirmed "significant redundancies" will be made tomorrow. The news comes less than a month before the highly-anticipated 50th anniversary of Doctor Who, for which AudioGo has been producing an on-going anniversary series, Destiny of the Doctor.
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Originally reported in The Bath Chronicle, UK audiobook publisher (including BBC Audiobooks) and retailer AudioGO has confirmed that the firm has gone into administration and redundancies will be made later this week. The audio publisher, which employs around 100 workers in the city, filed a notice of intention to appoint administrators on Friday. It is expected that financial firm BDO will be appointed as administrators. AudioGO announced last week that the company had suspended trading because of financial problems. It was later confirmed managing director Mike Bowen had been suspended and financial director Bradley Whittock had left the business. Earlier in the week, Chronicle AudioGO's head of marketing and sales, Rachel Josephson, said: “I can confirm that AudioGO has temporarily suspended business operations whilst we seek an investment or a sale of the business.” Speaking to the Bath Chronicle more recently, Josephson commented: "Unfortunately, we were not able to conclude negotiations with a potential buyer. There will be significant redundancies made on Thursday this week.” She was unable to confirm how many jobs are likely to go. The news comes less than a month before the 50th anniversary of Doctor Who, for which AudioGo has been producing an on-going anniversary series, Destiny of the Doctor, with a new edition issued each month. Currently, 10 of the slated 11 specials are listed on the company’s website, although aren’t available for download.
AudioGO has already sold its US arm Blackstone Audio back to Blackstone's founders, who operate the US Downpour.com download site. Blackstone was bought by AudioGO just ten months ago for an undisclosed sum. AudioGO was set up in July 2010, when private investors bought out BBC Audiobooks. BBC Worldwide continues to own a minority stake. Accounts submitted last year to Companies House show that AudioGO reported increased profits to £2.4 million. However, the company's cash situation was sharply reduced, with cash in the bank falling to £346,142, compared with £1.9 million a year earlier. www.audiogo.com

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