London-based poster specialist Mega Profile was renowned for its building wrap posters that have adorned landmark sites including Fort Dunlop, St Paul's Cathedral and Harvey Nichols.

RSM Robson Rhodes was appointed as administrative receivers on 14 July, after the company had attempted and failed at a Company Voluntary Arrangement (CVA).

Joint administrative receiver Mike Oldham said the company had suffered from a decreasing turnover, coupled with significant rents being paid out on building wrap sites, and was believed to owe in excess of 500,000.

Oldham said all employees, around 30, were made redundant shortly after his appointment.

There is a hope that several operational staff may be taken on by the new owners.

Among those owed money after the demise of Mega Profile is Manchester-based digital printer, Cestrian.

Managing director Paul Whitehurst would not disclose a sum, but said it would not cause his company any problems.

"It's sad to see it happen, but Clear Channel have the resources to take the company further, and are already a customer of ours," he said.

Clear Channel's headquarters are based in Texas. It operates in 66 countries with 60,000 employees and revenues of 4.6bn ($8.5bn).

It operates outdoor advertising businesses in 65 countries across Europe, Asia Pacific, Africa, Mexico and South America.

Story by Andy Scott