# I.T.M. Leisure Limited (04146733)

> Why UK company 04146733 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/04146733

- **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- Funding withdrawn / unable to refinance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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/04146733/filing-history/MzA3OTMyNjI2OWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/04146733

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.