Tribune Consulting Services Limited (05639193): administration
- Status
- Administration ended
- Administration began
- 2014-02-25
- Administrators
- Geoffrey Paul Rowley, Philip Lewis Armstrong
- Administrators' firm
- FRP Advisory
- Incorporated
- 2005-11-29
- Location
- London
- Industry
- 70229 Management consultancy activities other than financial management
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
Based on the performance following the Phase 1 funding, VSM agreed a new accelerated growth plan to be capitalised by a further £1 Sm investment by 1* April 2012 (Phase 2 funding).
A new organisation structure was implemented with a COO and CIO managing the new Operations Board
Following the commencement of the new growth plan, raising the Phase 2 funding became Increasingly difficult with only £400k being raised This left the Group under-capitalised This position was compounded by the nature of the closed deals being 80% hardware and software requiring upfront payment to suppliers and receiving back-end loaded milestone based payments from clients. As a result the working capital requirements increased and the Group’s cash flow position became tight around September 2012. Due to the lack of extra funding the Group implemented various cost reduction programmes to reduce run rate costs and improve cash flow.
Administrators' statement of proposals (2014-04-23) · Companies House register