Second 2 Limited (04206725): administration
- Status
- Administration ended
- Administration began
- 2012-07-25
- Administrators
- Mark Robert Fry, Kirstie Jane Provan
- Administrators' firm
- Begbies Traynor
- Formerly
- Zantar Ventures Limited
- Incorporated
- 2001-04-26
- Location
- London
- Industry
- 73110 Advertising agencies
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Company 1s a business-to-business technology marketing services agency, providing integrated tactical marketing execution across vendor “routes-to-market’? The Company 1s a subsidiary of an AIM quoted company, Adventis Group plc (“Adventts”) which acted as a holding company for a number of subsidianes specialising in technology, healthcare, property & financial sectors (all together “the Group’} The inital aim was to bring together a number of different specialist divisions delivering bespoke customer solutions and to leverage from cross-selling and economies of scale
The Company began to expenence financial difficulties as a consequence of cashflow difficulties in the wider Group requiring that the Company cross fund other entities via intercompany loans As a result, the Company began to expenence creditor pressure, including a build up on HMRC arrears for which a Time to Pay Agreement was negotiated (‘TTP”) The Company's banking facilites were also becoming strained and available facilities across the Group were becoming increasingly limited, restncting funding available
In order to alleviate the cash pressures within the Group, the board of directors of Adventis sought to raise additional funds for the Group via a placement. Despite significant time and efforts, and inital interest, the fund raise process was not successful and accordingly the directors of Adventis initiated an accelerated sales and marketing (‘AMA’) process to seek best value for the sale of Adventis’ remaining principal assets, namely its holding in bChannels Limited and Second2 Limited (together “the Technology Division”) A successful sale of these assets would enable continuation of trade within the Technology Division
Administrators' statement of proposals (2012-08-28) · Companies House register