The Race Organiser Limited (08496051): administration
- Status
- Administration ended
- Administration began
- 2021-10-05
- Administrators
- Michael Stephen Elliot Solomons, Milan Vuceljic, Tom Straw, Simon Robert Thomas, Milan Vuceljic
- Administrators' firm
- Moorfields
- Incorporated
- 2013-04-19
- Location
- London
- Industry
- 93199 Other sports activities
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
A signed engagement letter was received from the director of the Companies on 17 September 2021. The options considered with the Director, the marketing process and the discussions with major creditors are detailed in the SIP 16 Statement at Appendix Xl.
Attached at Appendix Il is an account of the work undertaken prior to the Joint Administrators’ appointment and the costs associated with that work.
There was insufficient working capital and no prospect of persuading new or further funding to allow medium-term trading to continue in order that the business and assets could be exposed to the market for a pro-longed period of time. The benefits of achieving a pre-packaged sale were the transfer of the employees and the absence of a break in supply of goods and services, including honouring the £350k of deposits paid, reducing the Companies’ overall creditors whilst also maximising the value achieved for the assets.
Administrators' statement of proposals (2021-11-15) · Companies House register