Minorplanet revival bids fail

The Leeds-based group called in administrators BDO Stoy Hayward earlier this month. BDO appointed Graham Newton and Dermot Power joint administrators over Minorplanet Systems Plc.

It was the holding company for subsidiaries in the UK, Ireland, the Netherlands, Germany and Spain, and provided vehicle tracking systems and fleet management services.

BDO said all subsidiaries except the Spanish operations are in insolvency proceedings.

Mr Newton said: "Unfortunately, the effect of the economic downturn and resulting insolvencies of the company's subsidiaries have resulted in the administration of the company."

BDO said it is assessing the company's financial position "with a view to realising the assets for the benefit of creditors".

Minorplanet was hit by falling demand from small to medium-sized businesses during the recession. With debts to creditors including HMRC mounting, South African tracking firm DigiCore took a stake in the company.

A BDO spokeswoman said no jobs have been cut.