Oval Space Limited (07738847): administration
- Status
- Administration ended
- Administration began
- 2017-09-21
- Administrators
- Gavin Geoffrey Bates, Gary Steven Pettit
- Administrators' firm
- PBC Business Recovery & Insolvency
- Incorporated
- 2011-08-12
- Location
- Northampton
- Industry
- 70100 Activities of head offices
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The company was the holding company over a group of companies that collectively operated two small theatres in London.
As a holding Company the company did not trade per se but acted as the holding company over a group of 8 companies and governed inter-group trading with apportionment of operational costs across the group. It was also the employer for all employees that worked on all group operations and, in accordance with the inter-group trading would apportion employment costs across the group members.
Unfortunately, over recent years the group have suffered steadily increasing losses, which in turn, caused cash flow difficulties that ultimately lead to the director seeking a purchaser or investor who may be able to turn the trading fortunes around. The effort of the director was rewarded when he secured a third party who was willing to inject substantial funds into the group provided the group was restructured into a more manageable entity
Administrators' statement of proposals (2017-10-09) · Companies House register