AdMedia, NZ Management publisher in receivership
Trade magazine publisher Mediaweb has gone into receivership.
Yesterday, Tony Maginness of McDonald Vague was appointed as receiver for the publishing house which owned the titles AdMedia, Hospitality, NZ Management, FMCG, Grill, Catering Plus and traveltrade.
Mr Maginness told NBR ONLINE it was too early to comment at this stage, as he was first meeting with directors today.
MediaWeb is half owned by OnFilm which runs a movie and TV industry magazine - this company has not had receivers appointed.
In September last year, Mediaweb director Toni Myers told NBR cashflow issues had left almost all of the companies 35 staff unpaid. As most writers and editors were on freelance contracts only the full-time receptionist was being paid.
“We have traded profitably and with fine margins, but as print publishers we are aware that there are some major changes which need to be made to the model,” Ms Myers said at the time.
According to the Companies Office, Heartland Bank subsidiary Marac Finance was listed as a creditor to the business.
Ms Myers said the situation is “less than ideal” and she had learned many lessons since she started the business four years ago.
The publisher picked up AdMedia, OnFilm, NZ Management and FMCG when 3Media Group was voluntarily liquidated in 2009. Ms Myers was the head of editorial content at 3Media Group and her former partner, Reg Birchfield, was a part owner and director of that company.