03278281 Realisations Limited (03278281): administration
- Status
- In administration
- Administration began
- 2024-02-21
- Administrators
- Christopher Newell, Richard Easterby
- Administrators' firm
- Quantuma
- Formerly
- Volume Group Limited; Volume Limited; Volume Design Limited; Volume Nineteen Ninety Seven Limited
- Incorporated
- 1996-11-14
- Location
- Maidenhead
- Industry
- 62090 Other information technology service activities
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Sustained trading losses
- Energy costs
- Rising interest rates
From the administrators' statement
After many years of growth and successful trading, the pandemic, the war in Ukraine, energy prices and interest rate hikes have all contributed to a deterioration in revenue and cashflow. The Company’s blue-chip customer base have all dramatically reduced marketing spend, investment in new projects and have made significant layoffs.
This reduction in revenue and pipeline of projects has been compounded by servicing the CBILS loan and the continued cash absorption from QBox. These factors have directly contributed to the build-up of PAYE arrears with HMRC.
At the onset of the pandemic, the business made a concerted effort to reduce its operational costs and overheads. Headcount had consciously and progressively been reduced without impacting revenue generation or reducing the Company’s ability to service its customers.
Administrators' statement of proposals (2024-04-25) · Companies House register