News - Man down! ADMAR Online hangs up its hat

ADMAR Online close after 25 years of trading

 Article added: 15/05/2014

ADMAR online, the Wragby based firm which has been trading for close to 25 years is set to close. However, at a meeting of its directors held on Tuesday May 6th they decided that it should close.

The ADMAR website will be shut down as early as the week commencing 12th May 2014.

Mike Martin, one of its two directors along with Paul Adams, said all four staff have lost their jobs.

“We were trying to secure working capital against the building and the banks didn’t want to loan to us,” Mr Martin said.

Admar Online

“We heard that on last Wednesday. Paul and myself have invested about £100,000 each over this recession to keep going. We decided we had no more private funds to invest and started seeking support from the banks.”

“It was a case of once the decision is made to not support the business, which as I said was loaning the money against the building, it was no more funding. The irony is our balance sheet is in good balance. This is a very expensive industry to be in, our base cost is about £200,000 before we even make a penny. It costs us over £100,000 to hold licenses to supply data, our overheads were significant. That is okay when you are selling lots of volume.”

He added: “This is our third recession, we weathered three of them and we have ran out of steam. I don’t want the banks to be blamed. Yes, technically if they have of supported us we would have continued, however they have their own rules and regulations.”

Mr Martin said he was proud of how ADMAR had kept its ethics as the data supply industry changed, such as refusing to take pay day loan companies as clients.

Although the closure wasn’t a sudden surprise, he said it has been tough to lose the business and its staff.

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