The Africa Channel Limited (06894718): administration
- Status
- Administration ended
- Administration began
- 2016-07-15
- Incorporated
- 2009-05-05
- Location
- Leeds
- Industry
- 60200 Television programming and broadcasting activities
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
- Regulatory change or action
From the administrators' statement
The Company was incorporated on 5 May 2009 to carry on the business of a television programming and broadcasting company Mr Aubrey Albert Owusu, the current director, was the founding director and shareholder
The Company has been operating since 2010 with a business plan of achieving significant profitability mn the latter half of its first 10 years of trading, mn line with many international television properties Between 2011 and 2015 the Company received several million dollars of initial development investment, principally from a South-African based investment company, to enable it to establish relationships/acquire licences with broadcasters, programme makers and advertisers around the world Substantial additional growth capital would then be secured for expansion However, in late 2014 the nvestment company changed its international strategy and began to withdraw from many media investments
The Company subsequently began discussions with a new partner to finance its expansion phase, and the director has given us to understand that they have substantial funds to mvest However securing this funding has been a very complex process involving other acquisitions and it has been further delayed by regulatory issues It had been anticipated that the funding would be in place by June 2016 Unfortunately, this was not the case, however the director retains hope that this will still be forthcoming m due course
Administrators' statement of proposals (2016-09-26) · Companies House register