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Blondefish MD buys back shares after Mayridge goes into administration

Administrator KPMG sells Blondefish shares to Laura Moody

Pictured: Laura Moody, MD of Blondefish

Laura Moody, MD of event tech supplier Blondefish, has repurchased shares in the agency after parent company Mayridge was placed into administration.

Chris Pole and Mark Orton from KPMG LLP were appointed administrators at Mayridge Group and Mayridge Limited this week, and immediately sold the shares of its subsidiary Blondefish to Moody, who was appointed Mayridge Group MD in January 2015.

Mayridge had acquired event tech specialist Blondefish in 2014, four years after Moody established the company. 

Both companies had operated as ‘separate business units’, a live events company and event technology provider. 

In the last available accounts, the Mayridge Group, which included the UK business Mayridge Ltd, Reveal and Mayridge Middle East, saw pre-tax profit slide from £480k in 2012, to £104k for the year-ending 31 December 2013. The UK arm, Mayridge Ltd, also saw a decline in pre-tax figures, from £432k to £306k. Meanwhile, Blondefish files abbreviated accounts.

Moody said: “Blondefish has remained profitable throughout its relationship with Mayridge. We are looking forward to continuing to deliver the very best in event technology solutions and expertise.”

Eamon Khan, case contact at KPMG, said: “Blondefish will continue to trade, but the remainder of the business will cease trading and it’s going to be wound up. It’s following a loss of contracts and poor performance, it’s the only feasible option.

“The firm had been making a loss for the last couple of years, it’s not something that’s completely unexpected.”

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