Tough Mudder Ltd (07202563): administration
- Status
- Administration ended
- Administration began
- 2020-01-24
- Incorporated
- 2010-03-25
- Location
- London
- Industry
- 93290 Other amusement and recreation activities n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
The Company was incorporated in the UK in March 2010 to operate and host endurance obstacle races, generating revenue through ticket sales and advertising. It traded from leased premises in Brixton, London. It is the wholly owned subsidiary of Tough Mudder Inc. (‘TM US”), which is incorporated under the laws of Delaware with its registered head office in Brooklyn, New York. TM US was the principal operating entity of the Tough Mudder Group (‘the Group”), which operated in major markets around the world and owned all of the intellectual property in connection with the Tough Mudder business. All major corporate decisions in respect of the Group were made by TM US and it held central major functions such as HR, finance etc.
The Company has a wholly owned subsidiary, Tough Mudder GmbH (“TM Ger”), which Is incorporated under the laws of Germany with its registered office in Berlin, Germany. TM Ger has no staff of its own and utilised UK staff to market and sell tickets.
The Company's sole director, Will Dean, resigned as director, as well as from his global roles within the Group, in late December 2018, following an exit agreement with TM US’s main lending source, Active Networks LLC C Active”). The board of TM US was reconstituted in January 2019 and subsequently Kyle McLaughlin was appointed as Global President. In that role, TM US appointed Mr McLaughlin and a new US director, Bradley Dietz, to serve as a director of all foreign subsidiaries. These appointments were ratified in March 2019.
Administrators' statement of proposals (2020-03-12) · Companies House register