Event Production Solutions Limited (07616133): administration
- Status
- Administration ended
- Administration began
- 2017-03-31
- Administrators' firm
- MT Insolvency
- Incorporated
- 2011-04-27
- Location
- Southampton
- Industry
- 77390 Renting and leasing of other machinery, equipment and tangible goods n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The company was incorporated in April 2011 to provide flooring solutions for outdoor events. The company's shareholders were originally Jeremy Simpson (JS) and Sam Rowe (SR). The company was funded by JS, and JS and SR acted as its directors. At a later date, Eric Jackson (EJ) acquired 20% of the share capital and was engaged by the company as an advisor, on a consultancy basis. As EJ had a background in accounting and finance, he was to act as the financial controller. Both JS and SR had established contacts within the flooring industry and believed that they could provide a bespoke flooring solution for their customers.
The first year of trading saw the company make profits of £55,929 and the second year saw profits of £63,300. The business quickly established itself as one of the leaders in its industry and began to expand further.
In 2014 SR left the company and an exit package was agreed that put financial pressure on the business; although the company remained profitable making profits of £45,322 during the financial year to April 2014.
Administrators' statement of proposals (2017-06-21) · Companies House register