# IL (2024) Limited (06433377)

> Why UK company 06433377 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/06433377

- **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.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/06433377/filing-history/MzQzMDM2NzM2MmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/06433377

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