The Talent Channels JV Operating Co Limited (08225701): administration
- Status
- Administration ended
- Administration began
- 2014-07-01
- Administrators
- Lee Antony Manning, Robert James Harding
- Administrators' firm
- Deloitte
- Incorporated
- 2012-09-24
- Location
- London
- Industry
- 62011 Ready-made interactive leisure and entertainment software development
From the administrators' statement
Due to the failure of the Company to find business partners willing to help monettse the Company's business platform, the Company made a significant loss in its first year of trading, however, this was not an unexpected loss and was supported by shareholder loans Efforts were made to raise further equity finance by the Director during the tatter part of 2013 Deloitte Corporate Finance was engaged in January 2014 to raise £8m of finance in return for a 25% equity stake in the Company However despite a number of potential investors being identified, no offer for equity was forthcoming and so the focus widened to trying to find a buyer for the business as cash was running out
To enable the Company to continue to trade whilst a buyer or further finance was sought, Dolsten (who had already lent $8m to the Company, through intergroup loans) made a $500,000 secured loan to the Company via Its parent company in January 2014 and a further $100,000 in April 2014 However once it became clear efforts to raise funds elsewhere were unsuccessful, Dolsten were not willing to offer any further funding, and the Director therefore had no option but to appoint Administrators
Administrators' statement of proposals (2014-08-28) · Companies House register