Island advertising firm goes bust

A Guernsey advertising and marketing firm has gone into voluntary liquidation with the loss of 30 jobs.

Wallace Barnaby and Associates Group describes itself as Britain's largest offshore agency of its kind.

In the last financial year the group had a turnover of £22m but said in a statement it was going into liquidation because it cannot pay its debts,

Its client list included Lloyds TSB Offshore, Abbey National, Guernsey Electric and Jersey Dairy.

The liquidation firm Begbies Trainer has been taken on to handle the group's assets.

Adrian Rabet, Begbies Traynor director, said: "The Group has placed itself into voluntary liquidation under the Companies (Guernsey) Law 2008 because it cannot meet its debts as they fall due.

""Sadly... our first action has been to make some 30 members of staff redundant with immediate effect."