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Neil Stewart Associates sold for just £77K, new report shows

03/05/2012

The business and assets of public policy conferences specialist Neil Stewart Associates (NSA) was sold out of administration for just £77,000, according to the latest administrator’s report filed at Companies House. It also reveals that total debts topped £1.8 million, including £435,000 owed to HMRC, £73,000 to Celtic Manor Resort, £41,000 to Kudos Hospitality, £30,000 to Arsenal FC and £20,000 to The Barbican.

Just three offers were made for Neil Stewart Associates (NSA), the highest of which was made by new company, N Stewart Events Limited, which has backing from Tota Investments Ltd. The founding director of the new company is Edward Gamble, previously managing director of NSA’s Policy Review TV division. According to the report, Neil Stewart has been given shares in the new venture and will continue to be involved alongside fellow former director, Katrina Wright, although neither are directors. All 19 NSA employees have transferred to the new company, which has taken over the running of all events.

The business was established in 1994 and changed hands several times before being bought back by Neil Stewart in 2002. Principal activity of the business was to organise between 10 and 120 public policy conferences annually on behalf of universities, health authorities, non-government organisations, CBI councils and trade bodies.

There was an inter-company debt of £1.1 million, owed to the business by Policy Review TV Ltd which the company owned outright. This amount was written off.

The latest administrator’s report says investigations into the company’s affairs are ongoing. They will investigate transactions at an undervalue and transactions to defraud creditors, among other things.

“The Joint Administrators have a statutory obligation to file a report with The Department for Business, Innovation and Skills (BIS) regarding the conduct of the directors that held office in the three years prior to the administration,” it says. “Creditors are invited to provide any information in writing concerning the Company’s affairs, which they believe should be taken into consideration.”


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