Eight jobs have been saved following the sale of a struggling North East events management business.
As revealed by the Journal yesterday, Benchmark Communications Ltd – best known as the founder, owner and organiser of the North East Accountancy Awards – has gone into liquidation while a deal to sell the business is agreed.
The Newcastle company suffered financial difficulties following a drop in revenues over the last three years due to tough market conditions and proposed liquidators Robson Scott Associates Ltd have been working with the company’s director Vincent Woods to find a buyer for the ailing business.
A consortium trading as Mercer Street and made up of part of the existing management, along with some private investment, agreed to buy the business, which has been renamed Echo Events.
The firm’s managing director, Andy Hudson, who also runs Broadband Computer Company, said: “I have got some fantastic opportunities to run some fantastic events, and now I have an events firm to do that.
Former director Woods has stepped away from the business to pursue other projects.
Eamonn Wall, managing director of Robson Scott, said: “It is always unfortunate when a company has to enter liquidation. However, we have been working hard to facilitate a sale of the business. This has now concluded ensuring the jobs have been saved and an important part of the Newcastle business environment has been retained in the North East.”