Propshop Productions Limited (08331817): administration
- Status
- Administration ended
- Administration began
- 2016-10-07
- Administrators' firm
- Shaw Gibbs Accountants and Business Advisors
- Formerly
- Propshop Studios Limited; Bright I PD Limited
- Incorporated
- 2012-12-14
- Location
- London
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Weather / natural events
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses
- Loss-making contracts / project overruns
- Competition / price pressure
From the administrators' statement
The Director was the director of PML, the original predecessor company, whose registered number was 04523975 PML traded in prop production since 2002, gaining significant experience and contracts in the sector In 2014, PML’s business was sold to a commercial 3D printing company active in the film sector and PML changed its name to Voxeljet The Director remained in a management role and was retained partly on an earn-out basis
In December 2015, the business and certain assets of Voxeljet were sold to the Company together with the transfer of the majority of the existing workforce, Although the Company was incorporated in December 2012, the Company remained effectively dormant for the first three years until the Voxeljet sale was completed Since December 2015, the Company’s trading expanded and work was performed across three divisions, Production, Merchandising and Digital
The film and TV prop design and production function of the business traditionally provided the majority of the Company’s turnover and profitability Props were generally designed in house, following a competitive tendering process against other Industry specialists, thereafter being constructed on site, In the rented workshops at the Trading Premises, prior to shipping to location or use in the studios
Administrators' statement of proposals (2016-11-30) · Companies House register