According to sources familiar with the situation, UNILAD Group, the company behind the humorous site known for funny pictures and video content, is going into administration.
A first announcement reads: “We can confirm that the UNILAD Group is going into administration. There are several investors who are seeking to buy the company and this process will take no more than 14 days. We expect ownership of the business to be passed on and we are confident there will be a smooth handover to the new owners in due course. Work is continuing as normal during this time and we will update you as the situation evolves. Please contact us if you have any queries.”
According to Jim Waterson, media editor at the Guardian: “UniLad heading for administration with debts of £6.5m, including owing £1.5m to the taxman. They’re the fourth biggest publisher on Facebook.”
UNILAD is based in Manchester, UK. It was launched in 2010 as the British response to Buzzfeed, offering catchy and often crude, sexist jokes, which would quickly go viral. In 2014, it was acquired by entrepreneurs Liam Harrington and Sam Bentley and, as a result, quickly polished its image, departing from its lad-culture approach.
This is a developing story, and we’ll update with more info…
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