Virtual Universe Limited (03064568): administration
- Status
- Administration ended
- Administration began
- 2016-10-04
- Administrators
- Trevor John Binyon, Steven John Parker
- Administrators' firm
- Opus Restructuring
- Incorporated
- 1995-06-05
- Location
- London
- Industry
- 61900 Other telecommunications activities
Why it went into administration
- HMRC / tax arrears
- Property / lease costs
- Competition / price pressure
From the administrators' statement
Virtual Universe Limited (hereinafter referred to as “the Company”) was incorporated on 5 June 1995 by its former founders, Derek Byrne and Charles Lawrenson The Company commenced trading as a publisher of free listings print publications with immediate effect, operating from offices in Euston, London, until 2004 when it moved to its current location in Salusbury Road
Its titles carried classified and display advertisements for entertainment venues and consumer products At a premium rate it also offered telephony services As the business grew, the Company began to offer its own branded versions of the services, at a competitive rate in comparison to its direct competition tn the market in the late 1990's, the Company expanded to offer chat and messaging services at the lowest possible tariff at the time
As the business continued to grow, the majority of Its services were provided to third party clients and with other group companies Trading was funded through revenues and financial support provided by secured loans from the parent, Amplefuture Group Limited Additionally, the Company operated in the same premises as other group companies, therefore making cost savings as there was no sublease tn place requiring a payment for rent
Administrators' statement of proposals (2016-10-21) · Companies House register