Golf Punk Media Ltd (08050756): administration
- Status
- Administration ended
- Administration began
- 2019-02-11
- Administrators
- Hugh Francis Jesseman, William Antony Batty
- Administrators' firm
- Antony Batty
- Incorporated
- 2012-04-30
- Location
- London
- Industry
- 58190 Other publishing activities
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
GOLF PUNK MEDIA was formed to acquire the UK Trademark and intellectual property for Golf Punk which had been a successful print magazine in the past, The company was formed in April 2012 and after raising investment from an US individual investor, launched a digital magazine “Golf Punk”. In late 2013 the company raised seed investment of £150,000 from the Jenson SEIS Fund. The company invested in a new website and moved its focus away from the digital magazine to a web based model.
The company ran in to cash flow difficulties in fate 2015 and over the next 9 months one of the founders, John Dean advanced loans totalling approximately £100,000 to the company.
Although the company was able to increase its revenues (current run rate £70,000 per annum) it had not been able to reach a break-even position at the operating line. The company has survived by the company directors deferring salaries and payment terms extended with major creditors,
Administrators' statement of proposals (2019-04-29) · Companies House register