The plug is pulled on hi-tech adverts firm Streetbroadcast
11 April 2012
A hi-tech West End advertising billboard company backed by tycoon Vincent Tchenguiz and private-equity giant Apax collapsed into administration today.
Streetbroadcast specialises in lamp-post ad boards, some with digital screens that show videos. They are common at retail parks and shopping centres countrywide.
However, the business suffered badly as advertising dried up in recent months, and today called in administrators MCR.
NewSmith Capital was another backer, alongside Tchenguiz's Consensus Business Group. MCR has made about 20 staff redundant.
Administrator Paul Clark said: "Streetbroadcast has been directly affected by the economic downturn and the notable decline in advertising budgets. However, we are confident of a trade sale."
