Axis Media Limited, a database management company that created business supplements that ran in newspapers like The Times, Wall Street Journal, The Telegraph and City AM, has entered administration with seven redundancies set to follow.

The administrators put the situation down to a “challenging trading environment” following the loss of a major contract. Last year, it counted among its clinets the NHS, Bayer Healthcare, Benenden, the FT, the Times and The Herald.

Matt Henderson and Donald McNaught of accountancy and business advisory firm Johnston Carmichael were appointed as joint administrators to Axis Media Limited. The notice of insolvency was filed 22 September 2017 for the Glasgow-based company.

Matt Henderson, head of restructuring at Johnston Carmichael, said: “Axis Media Limited managed the databases for a number of organisations and employed staff who will all unfortunately be made redundant.

“Over the last few years, the directors have managed the company through a challenging trading environment, however they took the difficult decision to enter administration following the loss of a major contract. We are now working to maximise value for creditors and minimise any disruption to the company’s customers.”

The company was founded in 2001.