Paul Pittman and Guy Harrison of the Accountants and Business Advisers, Price Bailey LLP, were appointed Joint Administrators of Millivres Prowler Limited (MPL) on 20/3/17.
They have been successful in selling the Business and assets of a division of the MPL business, Gay Times to Gay Times Limited, a new company set up by entrepreneur James Frost for this purpose. Under the new company, the magazine will continue to publish its print and digital editions uninterrupted, this has secured 11 jobs.
James Frost says of his investment: “Gay Times is an iconic brand which continues to offer unparalleled access to a global community of gay and bi men. Under my leadership, we will continue to work with global partners, advertisers, sponsors and businesses as champions of LGBT life and business. The impressive global reach of Gay Times proves there’s still a place for LGBT media in the world.”
Millivres Prowler Limited is a trading company of Millivres Prowler Group, which was founded in 1974 and has over 40 years of experience in delivering media and retail solutions to a growing audience of gay men and women in the UK, Europe and more increasingly the rest of the world.
Paul Pittman, Joint Administrator and head of Insolvency and Recovery at Price Bailey said: “We are delighted to have found a buyer for this iconic part of the MPL business and are working on achieving a sale for the other parts. Although the company has entered an administration process, the sale of Gay Times has secured the jobs for all eleven staff members of the magazine. This is a good example of the positive work carried out by Insolvency Practitioners. Discussions are also well advanced with a potential purchaser for the other parts of the business and we hope to be in a position to make a further announcement in the next 14 days.”