I.T.M. Leisure Limited (04146733): administration
- Status
- Administration ended
- Administration began
- 2013-03-26
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2001-01-24
- Location
- Manchester
- Industry
- 46900 Non-specialised wholesale trade
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Management failings / irregularities
- Loss of a key customer, supplier or contract
- Sustained trading losses
From the administrators' statement
ITM was founded in 2001 by father and son, Dennis and Chnstopher Oldland, following their involvement in the operation of an amusement arcade The Company traded from a Freehold warehouse located in Kirkham and employed 15 members of staff
The principal trading activity of the Company was as a wholesaler of soft toys and redemption gifts to the UK leisure industry Stock was purchased from Korea and China as well as the UK
The Company was funded by way of a loan and overdraft provided by RBS who had the benefit of a fixed and floating charge debenture dated 4 February 2004 and also a legal charge over the Freehold warehouse The directors also provided personal guarantees to RBS, limited to £700k Further funding was provided by way of a factoring agreement with RBSIF although there was no balance due in respect of this agreement at the date of the Administrators’ appointment
Administrators' statement of proposals (2013-06-06) · Companies House register