G 2 Pictures Ltd (04305803): administration
- Status
- Administration ended
- Administration began
- 2012-08-14
- Administrators
- Geoffrey Paul Rowley, Jason Daniel Baker
- Administrators' firm
- FRP Advisory
- Formerly
- Globe International Limited
- Incorporated
- 2001-10-16
- Location
- London
- Industry
- 59131 Motion picture distribution activities
Why it went into administration
- Sustained trading losses
From the administrators' statement
2.3
G2P, incorporated on 16 October 2001, was a film distribution Company to the UK, Eire, Benelux and Nordic markets. It held c. 90 titles to film rights and operated in the home entertainment sector, supplying high street and online retailers The Company’s working capital requirements were provided by Koch and Acme International Investments Limited (‘Acme’) in the form of minimum guarantee payments for the initial film rights purchase.
Due to poor trading results in several big retailers, G2P incurred significant losses and built up significant arrears. As a result, the directors instructed Jason Baker of FRP Advisory LLP (“FRP”) on 18 July 2012 in the completion of an Independent Solvency Review. In light of the findings of the solvency review, the directors concluded that the business was insolvent and commenced the process to place G2P into Administration. It was agreed by the directors that FRP wouid act for the Company with a view to facilitating a sale of the business and assets.
Administrators' statement of proposals (2012-08-30) · Companies House register