IL (2024) Limited (06433377): administration
- Status
- Administration ended
- Administration began
- 2024-06-03
- Administrators
- Charles Hamilton Turner, Joanne K Rolls
- Administrators' firm
- Opus Restructuring
- Formerly
- Illustrated London News Limited; ILN Limited
- Incorporated
- 2007-11-21
- Location
- Milton Keynes
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
A major setback occurred when the business lost the Aston Martin account at the end of 2022, which amounted to c£1 million in lost revenue. Aston Martin had come under new management and the marketing chief wished to appoint a new agency.
The business changed its focus to one-off bookazines and SPHERE with the directors taking various steps to mitigate the losses. Overheads were cut, the licensed offices were vacated {to operate a remote working model) and some serviced ‘hot desk’ space was obtained. The staff headcount reduced from nine to five along with a reduction in the use of freelance contractors. The managing director took a 40% salary sacrifice and David Potter, the nonexecutive director, had not been paid since 2022. Employee contracts were renegotiated to reduce their days.
The bookazines were co-financed with the support of CAHL on a shared profit/loss basis, however ILN fell behind on payments when royal events reduced. Management had also developed a business plan to increase business traffic and revenues for SPHERE digital by employing a senior Commercial Director for SPHERE digital, which did not prove successful. A decision was taken to seek professional advice.
Administrators' statement of proposals (2024-08-01) · Companies House register