AudioGO was formed in July 2010, when a team of private investors bought out the Bath-based BBC Audiobooks, with BBC Worldwide still owning a minority stake. The company produced a number of audio products based on BBC programmes, including a large number of Doctor Who-related discs, such as readings of classic novelisations and productions such as the Destiny of the Doctor series. (This series continues to be available from co-producers Big Finish.)
The company suspended operations on 22nd October, following the discovery of financial irregularities and the suspension of the managing director and departure of the financial director. It was hoped that a buyer for the business could be found which would enable the company to continue trading. However, on Friday AudioGO was formally put into administration, with 57 employees losing their jobs.
Mark Shaw, of the administrators BDO, said
Significant accounting issues and the consequent working capital requirements at AudioGO led to it being insolvent. Unfortunately, there was no other option at this stage but to place the remaining UK business into administration, as no suitable buyer could be found. The administrators are taking all necessary steps to mitigate losses to customers and to maximise recoveries for the benefit of creditors.Before administration, the company sold its US arm Blackstone Audio back to Blackstone's founder, which operates the US Downpour.com download site. AudioGo had acquired Blackstone 10 months ago.