The Advertising Club Ltd (08912299): administration
- Status
- Administration ended
- Administration began
- 2016-10-07
- Administrators
- Guy Robert Thomas Hollander, Timothy Colin Hamilton Ball
- Administrators' firm
- Mazars
- Formerly
- London Advertising Club Limited
- Incorporated
- 2014-02-26
- Location
- Bristol
- Industry
- 73110 Advertising agencies
Why it went into administration
- Cash flow / liquidity pressure
- Management failings / irregularities
- Parent or group failure
From the administrators' statement
The business was established in September 2014 by Ryan Symes and a former director, Tom Gall The Company specialised in providing online advertising services to clients such as search engine optimisation services In the two years prior to ceasing to trade, the Company had established two offices, in Bristol and London, employed 1n excess of 30 members of staff and was turning over approximately £6,000,000 per annum
During August 2016, RBS contacted the Company and expressed concerns surrounding three payments that had been made out of the Company’s Bank account totalling approximately £230,000 These transactions allegedly occurred on one single day Investigations were made and it 1s alleged that the monies had been misappropriated
Tn addition to these payments, the Company had not been submitting payments to HM Revenue & Customs in respect of employee deductions for PAYE/NIC and VAT It is alleged that payments purporting to be to HM Revenue & Customs were in fact diverted elsewhere for a number of months prior to the Company ceasing to trade Ryan Symes, and other members of staff, were apparently only made aware of this problem when, in August 2016, HM Revenue & Customs threatened to wind up the Company 1n respect of approximately £830,000 due in payment arrears
Administrators' statement of proposals (2016-12-16) · Companies House register