Discovery Records Limited (02958481): administration
- Status
- Administration ended
- Administration began
- 2018-09-12
- Administrators' firm
- Kingston Smith & Partners
- Incorporated
- 1994-08-12
- Location
- London
- Industry
- 46431 Wholesale of audio tapes, records, CDs and video tapes and the equipment on which these are played
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Bad debts / customer insolvency
From the administrators' statement
The Company operated within the music industry distributing CDs, DVDs and records, for artists that were often less mainstream or in niche genres. The Company was supported by complimentary associated companies, Trapeze Music Limited, Trapeze Music & Entertainment Limited and Acrobat Licensing Limited (“Trapeze’, “TME” and “Acrobat” respectively and together “the Associated Companies”) who produce the stock and hold intellectual property, including licences. The Company traded from premises at Fiveways Industrial Estate, Westwells Road, Corsham, Wiltshire, SN13 9RG
(‘the Premises’).
Though an established business in the music production sector supported by tong term suppliers and exclusivity agreements with customers, the Company was struggling with cash flow due to long term bad debt and the legacy costs of a move from its old location to the Premises. The Company was surviving hand-to-mouth, reliant on financial support from Trapeze and TME and frequent draw-downs
Administrators' statement of proposals (2018-10-19) · Companies House register