Well-known PR firm is wound up
One of the North’s best-known public relations companies has been wound-up at the High Court in Belfast. The move to liquidate Stakeholder relates to a tax bill in excess of £200,000 (€225,716). But rival firm MCE Public Relations Ltd is close to completing a deal to buy the business and protect its five staff members’ jobs.
A winding-up petition brought by HM Revenue and Customs was granted after a proposed voluntary arrangement to pay some of the debt was rejected. It brings an end to a communications and event management consultancy which has operated for two decades.
Headed by Tom Kelly, it hit difficulties amid attempts to restructure following the recession and Mr Kelly’s deteriorating health. In a statement he confirmed a decision was taken recently to proceed with the sale to MCE.
“Unfortunately we were hampered by having to deal with some historical but critical issues, which only came to light earlier this year,” Mr Kelly said. “In an attempt to resolve these matters we explored several options including a very credible CVA (Creditors Voluntary Arrangement) which was accepted by all parties except one.”
When that proposal was rejected a liquidator was appointed.