The Bath-based audiobook publisher AudioGo has put its business on hold with up to a hundred jobs being put at risk.
The company suspended trading after announcing ‘recently discovered significant financial challenges’.
Rachel Josephson, who is AudioGO’s head of marketing and sales, said: “”I can confirm that AudioGO has temporarily suspended business operations whilst we seek an investment or a sale of the business.”
“There is a considerable amount of interest in AudioGO and we are hopeful of achieving a swift resolution. Protecting and respecting the rights of everyone that we work with is uppermost in our considerations and we are grateful for the fantastic support we have received from our colleagues throughout the industry.”
The Bath company has also announced the sale of its US arm of Blackstone Audio, another audiobook producer back to their founders. Blackstone was bought by AudioGO just ten months ago.
AudioGo was launched back in July 2010 when private investors bought out BBC Audiobooks, which was also based in Bath. BBC Worldwide owns a minority stake in the company.
Recent accounts show that AudioGo had increased their profits to £2.4million up to 31st March 2012, but their cash flow had dropped significantly from nearly £2million to just £350,000.
It is believed that there is already significant interest in the future of the company, with a number of publishers interested in taking on the struggling business.