The Wire ceases to trade post-IQ acquisition

UK-- Telephone and online data collection firm The Wire has ceased to trade – just three weeks after it was sold to IQ Holdings.

All staff have been let go, although IQ chief executive Julian Green would not give a figure on the number of jobs lost.

The Wire's website lists nine key employees, including managing director Kathy Hurst, operations director Daniel Culshaw, two associate directors, a project manager and four data processing executives. Its call centre had over 100 telephone interviewing stations.

IQ – the owner of IQ Research – bought The Wire and sister company Viewpoint Field from Media Square in a £1.5m cash-and-shares deal at the end of January.

Green told Research that The Wire had been trading at a “significant loss” for the last two years.

“It was our intention on acquiring the business that we would be able to turn that around to a minimum of break even in a short space of time, “ he said.

But after extensive analysis and discussions in the three weeks since, Green said it was decided that The Wire would not be able to meet the targets set for it.

He said he was saddened by the decision to close the business – but, he added: “It was a decision we always thought we might have to make”.

Viewpoint, which provides fieldwork and viewing facility services to research agencies, has “always been” – and remains – “a successful business”, Green said.

Author: Brian Tarran