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Agency with debts of £1m sold out of administration to previous owner

13/04/2012

Public policy conferences specialist Neil Stewart Associates (NSA) has been sold out of administration to a new company, Neil Stewart Events Limited.

The founding director of the new company is Edward Gamble, previously managing director of NSA’s Policy Review TV division, with Neil Stewart the sole shareholder at date of incorporation. The company has backing from Tota Investments Ltd, secured by a mortgage debenture. All 19 NSA employees have transferred to the new company, which has taken over the running of all events.

Andrew Stoneman, joint administrator, Duff & Phelps said: “This is a great result for all parties and a successful Administration, securing the jobs of its employees. Not only that, its planned programme of conferences can continue to go ahead as normal.”

Duff & Phelps has not yet released the figure realised from the sale for creditors, whose claims total £1.1m. Meetpie reported recently that the creditors were due to receive just 2 pence in the pound following the failure of a debt repayment agreement (CVA), which raised just £110k. However, this figure could be boosted by funds raised from the sale of NSA’s assets.

According to former chief executive of the Westminster-based agency, Neil Stewart, the majority of suppliers continue to be supportive and are working with the new company.

“It has been a very difficult time but clients and suppliers have been supportive and we have raised the money from investment to secure all the conferences for delegates.”

He added: “We have won new business in health, and our commitment to broadcast 100 per cent of our conferences live and make them available on demand is making viable revenues. It is a game changer in the events business.”


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