Streetbroadcast, the advertising company popular with the property industry, has gone into administration.

MCR has been appointed as administrator to the business.

Streetbroadcast, which worked with local authorities and commercial property owners providing public messaging systems and advertising displays, went into administration on 25 February.

The company had employed 29 staff at its London headquarters and an administration centre in Coventry.

Paul Clark, partner at MCR, said: ‘Streetbroadcast has been directly affected by the economic downturn and the notable decline in advertising budgets. As discretionary spending by advertisers is cut back, companies such as this will be impacted.

‘Compounding an already tight squeeze on cash flow has been continued pressure on funding.

He added: ‘However, Streetbroadcast is a well known brand in the industry and we are confident of a trade sale and are therefore continuing to trade through the administration process.’