Specialist financial B2B magazine publisher Tru-Est, owner of the Private Asset Managers database and Thewealthnet.com, has gone into administration as per the Insolvency Act 1986 according to a document filed at Companies House last month. Thewealthnet.com accompanies the quarterly magazine Wealth Management and Tru-Est is the organiser of next month’s PAM awards. The appointed administrators are “recovery, insolvency and restructuring” firm Leonard Curtis.
We don’t yet know why Tru-Est has found itself in difficulty, but it’s fair to say that a business model based on private wealth management information is seriously threatened by recession: there is considerably less wealth around to manage these days. The company’s most recent accounts, for the year to August 22, show that Tru-Est had issued 10,000 shares worth £100 each — giving it an equity value of £1 million.