NEWS13 September 2011

George Street director blames high costs of bidding for liquidation

Financials UK

UK— One of the directors of newly-defunct George Street Research has cited rising costs involved with competing for public sector work as one of the main reasons the firm failed.

Fawcett told the Herald Scotland that levels of public sector research work had been cut while the costs associated with bidding to join research rosters had increased. Even when accepted to rosters, Fawcett said work was scarce.

George Street Research went into liquidation last week. Turnover in the last three months dropped to 35% of its average level over the last eight years, Fawcett said.

She and fellow director Sue Granville, along with ex-George Street employees Neil Costley and Shona Mulholland, registered a new company – Why Research – on Friday last week.