The liquidated company is The Quarter Mag Ltd t/a YQ Magazine and the new company is YQ Northwest Ltd.
The creditors’ meeting is being held today. Lever would not disclose the sums involved.
He told How-Do that he took the decision having taken financial advice which informed him that the debts of the old company would prevent the title from being able to raise new funds to help develop the title. Lever added that both he and Bamber had discussed this course of action a year ago but had ultimately decided against it.
YQ doubled its pagination over the course of 2007 and Lever said the title’s growing success was being negated by the weight of earlier debts from 2005 and 2006 when the title had struggled.
The title had been through several iterations as it explored county versions in Lancashire, Manchester and Cheshire before settling on a North West wide distribution and a monthly frequency in January 2007.
The April edition is due out in the next few days and Lever said there were 45 advertisers in the issue and the May issue was being planned at a record 152 pages – the biggest edition to date.
Lever added that the recently relaunched website was also now starting to bring in new revenue streams. He also said the new company structure would enable him to talk to potential investors of whom he claimed there were several interested parties.
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