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Article: Profitless AdVal Group goes bust
- Article from:
- E.learning Age
- Article date:
- October 1, 2006
- Author:
CopyrightCopyright Bizmedia Ltd. Oct 2006. Provided by ProQuest LLC. (Hide copyright information)
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AdVal Group plc has been placed into administration with no hope of the business continuing as a going concern. Martin Pickard, the administrator from accountancy firm Mazars Neville Russell, said that although the company "was well backed, it had never made enough profit".
And the name seems destined to disappear from the e-learning industry. Pickard said: "We are doing what we can. It is quite piecemeal. There is no sale of the company as a going concern. The organisation no longer exists."
The group consisted of a holding company and four subsidiaries. The group's shares, which were quoted on AIM, were suspended on 20 September. According to market reports the group had been exploring ...