Print Published 7th Sep 2017, 20:53

Bell Pottinger in restructuring bid for survival

Beleaguered public relations consultancy Bell Pottinger Private has confirmed to Marketing Services Financial Intelligence that the accountancy firm BDO is helping the company with its restructuring plans following reports that it would otherwise face administration in the absence of a buyer of the business as a going concern.

Meanwhile Bell Pottinger Asia, which was chaired by co-founder Piers Pottinger, has claimed that it is “entirely ring-fenced and solvent” and intends to carry on under chief executive Ang Shih Huei, adopting a new brand name of Klareco Communications.  The announcement made no reference to a continuing role for Piers Pottinger.

The latest news suggests that Bell Pottinger’s financial condition has deteriorated rapidly since it published it last accounts made up to 31 December 2015.  And yet, as recently as 20 February this year, the directors declared that there were no grounds on which the company could be found to be unable to discharge its debts and that the company would be able to discharge its debts as they fell due during the year immediately following that date (see Bell Pottinger board declared in February that it would remain solvent for at least another year).

 

See also:

Henderson leaves Bell Pottinger: will his shareholding follow?
Lord Bell seems to have sold his Bell Pottinger shares at a good time
Ringing the Changes at Chime