MET Studio has placed itself into voluntary liquidation, after suffering from mounting debts. A creditors meeting has been arranged for 5 February.
Seven unnamed staff at the design group, including three designers, have been made redundant in a bid to bring down costs.
Chartered accountant Morison Stoneham is advising the exhibition specialist on how to handle the insolvency case, which pre-empts threatened legal action by creditors, who were originally told they would be paid last November. Accountant Mark Potter of Morison Stoneham declines to comment on his company’s involvement.
Met Studio managing director Alex McCuaig was unavailable for comment, but issued a statement saying: “Met Studio confirms that it has gone into voluntary liquidation in order to protect its clients, current projects and staff.
“However, virtually every client has already confirmed that they will continue working with the same team through to successful completion of all projects. A name for the new company has yet to be confirmed.”
Of the redundancies McCuaig stated: “The company has had to let a small number of people go (seven in total, of which four are administrative staff and three designers) in order to keep overheads at a manageable level.”