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April 5, 2008

MICE Group into administration after failing to reach agreement with lenders

MICE Group, the international marketing services agency with clients ranging from Motorola to Toyota, has been placed in the hands of administrators Grant Thornton after failing to agree new terms on its debt – alleged to be around £60m.

More details to follow

From Thomson Financial: Mice Group PLC said it has 'no option' but to call in administrators after failing to reach an agreement with its lenders on securing new funds.

However, it said that none of the marketing services subsidiaries that comprise the International division or the North American division have been placed into any form of the insolvency process. The company said it has appointed Mark Byers, Malcolm Shierson and Daniel Smith of Grant Thornton as joint administrators.

It added that representatives of Grant Thornton have also been appointed as administrators to the group's UK manufacturing subsidiaries.

Yesterday, the marketing services company had expressed concern that unless additional funds were secured in the short-term, it would have insufficient funds to continue trading.

It had also requested trading in its shares be suspended until its financial position can be clarified.

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