Eurospan Limited (00816437): administration
- Status
- In administration
- Administration began
- 2024-07-24
- Administrators
- Alex David Cadwallader, Dane O'Hara
- Administrators' firm
- Leonard Curtis
- Incorporated
- 1964-08-20
- Location
- London
- Industry
- 46760 Wholesale of other intermediate products
Why it went into administration
- Creditor pressure / legal action
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 20 August 1964 and commenced trading shortly thereafter. It forms part of a group of companies including United Independent Distributors Limited, Marston Book Services Limited and Orca Book Services Limited (“the Group”) (“the Companies’).
The Group provided sales and distribution services for book publishers and operated from 2 leasehold trading premises, being Unit 2 Lancaster Way, Biggleswade SG18 8YL (“Biggleswade”) and 160 Eastern Ave, Park Dr, Milton, Abingdon OX14 4SB (“Milton Park”). All Eurospan Limited employees worked remotely.
The Group was acquired by Independent Publishers Group (“IPG”) in 2021 and IPG injected c£8m during this time. However, the Companies continued to sustain heavy losses, causing cash flow and creditor pressure. The attempt to return the Group’s businesses to profitability have been unsuccessful and IPG do not have the financial resources required to invest further funds into the Group. Total consolidated net losses in 2023 were £4.3m and due to the lack of funding available, the Director engaged ReSolve Advisory Limited (“ReSolve”) to carry out an accelerated marketing and sale process to seek either a solvent sale or a disposal of the business and assets by way of a prepackaged sale.
Administrators' statement of proposals (2024-09-21) · Companies House register