Audio Visual Network Limited (02221674): administration
- Status
- Administration ended
- Administration began
- 2020-11-30
- Administrators
- Francis F A Wessely, Christopher Newell
- Administrators' firm
- Quantuma
- Formerly
- Edgemans Limited
- Incorporated
- 1988-02-16
- Location
- Maidenhead
- Industry
- 82302 Activities of conference organisers
Why it went into administration
- Cash flow / liquidity pressure
- HMRC / tax arrears
From the administrators' statement
3.1 Chris Newell of Quantuma Advisory Limited was first approached by the secured creditor, Metro Bank Plc, on 15 October 2020. Quantuma was subsequently instructed on 6 November 2020.
3.2 Concerns had been raised by Metro Bank plc with regard to the trading of the Company and it was recommended that the Company seek the formal advice fo an insolvency practitioner. Chris Newell of Quantuma Advisory Limitedwas introduced to review the position and provide options. It was ultimately decided that the best course of actions was to pursue a sale of the business out of an administration in order to attempt to preserve the business, save jobs and maximise returns to creditors.
Short term funding to the Company was provided by Jon Williams in order to allow a period of time for the business to be marketed for sale.
Administrators' statement of proposals (2021-01-25) · Companies House register