Digital Fuel Marketing Ltd (08607772): administration
- Status
- Administration ended
- Administration began
- 2021-03-01
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2013-07-12
- Location
- Colchester
- Industry
- 63990 Other information service activities n.e.c.
Why it went into administration
- COVID-19
- Rising costs / inflation
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company traded successfully as a full-service digital marketing agency with a particular focus on the online gambling industry both in the UK and within foreign markets. However, the Company's profitability was adversely effected by the increased costs of international trade and the devaluation of sterling following the UK’s exit from the European Union. The Company reduced some overheads to compensate for this, however, the loss of two major clients in late 2020 coupled with adverse trading conditions associated with the COVID 19 pandemic resulted in the Company’s insolvency.
Begbies Traynor were subsequently approached in early 2021 to provide formal insolvency advice. Further details of the Company's trading history and Begbies Traynor’s involvement is included within Appendix 4.
-3Prior to appointment, Begbies Traynor undertook various work in order to further the achievement of the objective of the administration as detailed herein. The work included the following material tasks:-
Administrators' statement of proposals (2021-05-17) · Companies House register