Around 150 members of staff at Global MP Ltd have been made redundant after it ceased to trade.
It is understood that staff from the company, based at Battye Street, Laisterdyke, were informed on Tuesday at 3pm.
Chris Ratten and Jeremy Woodside from Baker Tilly have been appointed Joint Administrators to Global MP Ltd. Mr Ratten issued a statement saying: “Despite securing a new working capital facility earlier this year, the cash flow issues at the company were such that administration was the only option to protect the remaining assets for the benefit of creditors.
“Regrettably we have had to make a number of people redundant today, and our specialist employee team will be assisting them to make the relevant claims with the Redundancy Payments Service. Our role now will be to maximise recoveries for the company’s creditors.”
Global MP was established in September last year, following Cogent B2B’s acquisition of the St Ives Direct Bradford Ltd business from the St Ives Group.
Baker Tilly said that “despite the best efforts of the director to secure a sale of the company as a going concern,” it was not possible.