Overseas property media company, Merricks has put the company into administration.  The company will cease publication of its portfolio of overseas property magazines with immediate effect. 

Publisher John Weir cited the downturn in the overseas property and advertising market as the main factors behind the decision.  “On their own most of the titles were washing their face” he said but “we just couldn’t continue the way things were going.”

Weir has set up a new company, Evolve Digital Publishing Ltd which has bought the rights to all the magazines although he only has immediate plans for two of them, French Magazine and Australia & New Zealand Magazine.  It seems likely that Greece Magazine, Spanish Homes, Portugal Magazine, Italian Magazine and the RED Guides will be shelved permanently.

22 staff have been made redundant and only five have been re-employed by the new company.  A creditors meeting has been called for next week.