UK-based prepaid issuer G-T-P is reported to
have called in the administrators, putting the future of its 27
employees in jeopardy.
The Business Desk has claimed Patrick
Lannagan and Dermot Power of the business restructuring arm of
accountancy firm BDO were appointed as joint administrators last
month. G-T-P will continue to trade as normal while the options for
a sale of its assets are explored.
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“Unfortunately the economic climate and
difficult trading conditions have affected the business, leading it
to experience cash flow difficulties,” Lannagan told The
Business Desk.
“We are currently exploring options for a sale
and are in discussions with a number of potential purchasers.
“The employees at G-T-P are working hard to
ensure that there is no impact to clients or their customers during
this short period.”
In August this year Cards
International revealed the prepaid business had spent the last
year in talks with potential investors interested in securing a
stake in the company or merging it with another business.
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By GlobalDataA G-T-P spokeswoman told CI at the
time that it was in advanced talks with a “major payments” player
about a merger and said the business feared losing the deal as a
result of the bad publicity CEO and founder Helen Child received
when she was found guilty of perverting the course of justice as a
result of trying to pin speeding fines onto her dead mother.
G-T-P provides prepaid and trade account cards
for businesses such as Pizza Express, Travelodge and AA Driving
School.
