Picardy call in receivers

Picardy Media Group in Scotland have called in receivers.

Grant Thornton were called in as receivers by Picardy Media Group plc on Friday 31 January 2003.

Facilities company Picardy have a studio operation in Edinburgh and facilities provision in Knutsford and Glasgow and employ around 40 staff.

The receivers have written to all known creditors advising them that they hope to maintain the company as a going concern.

BECTU is expected shorlty to present a list to the receivers of payments owed to freelances by Picardy.

The receivers have not been called in to either of the two subsidiary companies in Edinburgh and Knutsford.

These companies should continue trading normally for the immediate future although they are legally assets of the plc.

Staff in the subsidiaries have raised fears with BECTU over an absence of day-to-day management.

For further information and advice contact BECTU Scottish Organiser Paul McManus on 0141-248 9558 or for North of England Paul Atkinson 0121-632 5372.