End of the line for Golds in U.K.
EmptyS Golds & Sons, the U.K.'s largest and longest-serving independent home entertainment wholesaler, will go into administration today.
CEO Garry Elwood said that all 150 employees were issued redundancy notices Friday during a company meeting after Golds' bank, the Royal Bank of Scotland, declined to fund a rescue plan.
Golds, which boasts relationships with studios including Warner Bros., Universal and Disney, is believed to have debts of up to £6 million ($12 million).
"It was just awful, one of the worst things I have ever had to do," Elwood said of the meeting at which he told employees that their jobs were lost.
Elwood, who has been at the Leyton-based firm most of his career, said that BDO Stoy Hayward Ltd., which has been advising the bank, is likely to be appointed as administrator.
The announcement follows the failure of negotiations between the Golds' bankers and potential buyers thought to include Ireland's DDC Plc. and rival Changeover. (partialdiff)