From the administrators' statement

AGM was incorporated on 13 July 1983 and began trading as a designer and installer of audio visual equipment into residential and commercial properties The Company was one of two trading entities within the HWA Group The HWA Group was acquired in February 2011 by Privet, a special purpose vehicle (“SPV”) owned by a number of investors but managed by Privet Capital LLP Privet also took an assignment of the secured debt from LTSB at the time of acquisition

The Company’s business was heavily reliant on HWAL as its main customer HWAL was experiencing financial difficultres due to the downturn in economic conditions and reduced profit margins, which was in turn adversely affecting AGM’s own cash flow position

On 12 September 2011, KPMG LLP was engaged by the Company and Privet to assist in an accelerated sales process of the Company’s business and assets Sales memoranda were provided to around 80 potential investors/acquirers and a small number of trade buyers Discussions were also held with the Company’s founder, previous owner and existing management During this period the Company continued to experience severe cash flow difficulties and the directors issued a notice of intention to appoint an administrator at Court The deadline for offers was therefore brought forward to 16 September 2011 Unfortunately, no formal offers were received from this process although discussions with parties were ongoing up to the point the Company entered administration

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Angus Gibson Music Limited (01739184)

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