Odessa Print Group Ltd (01703368): administration
- Status
- Administration ended
- Administration began
- 2019-10-18
- Administrators' firm
- Moorfields
- Formerly
- Odessa Offset Limited
- Incorporated
- 1983-03-01
- Location
- London
- Industry
- 18129 Printing n.e.c.
Why it went into administration
- HMRC / tax arrears
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
We understand the events leading to our appointment to be as follows.
As mentioned above, notwithstanding the Company’s effort to introduce an additional revenue stream, it was unable to return to profitability and this in turn led to escalating creditor pressure.
Accordingly, accumulated trading losses sustained during 2018 and 2019 contributed to a working capital requirement in excess of £800k. The Company sought to raise the funding required from a number of sources including external debt and equity providers, although was ultimately unsuccessful due to the financial position of the business
Administrators' statement of proposals (2019-12-12) · Companies House register