Meridian Unplugged - Powered by MrTechGuy.co.uk Forums Discussion MQA - Related technology, products and music MQA Limited in Administration (Chapter 11)

First I am not a qualified Accountant, but have quite some experience in running smaller companies including my own

The latest posted accounts 2021 and the accompanying strategic reports make uncomfortable reading for anybody involved - huge losses for two years in a row.

What surprises me that for a small company such as MQA there is a quiet extraordinary amount of written verbiage- what are they trying to cover up.. the numbers demonstrate it’s a basket case financially. There is much emphasis on it remaining being classified as a “going concern” -really! Perhaps it’s a function of what happens when the ownership and funding is a financial institution - they have shareholders too. Anyhow they racked up some substantial interest on their loans.

I saw a couple of comments on here about hoping that Bob Stuart was well looked after. Well the Directors remuneration was almost £700K and Bob was one . The highest paid Director ( undisclosed) was earning close to £400K. Salaries overall circa £2.3 million for all 30 employees. I really wonder how that was justified for such a small entity haemorrhaging such losses and such modest income.

Not casting professional judgement, just my personal opinion and observations

At the end we all hope for a positive solution but it will require an owner with very deep pockets, but the current business model requires serious examination - continuing as is will not deliver a sustainable future.

Regards Huw