INK (Global) Limited (09055443): administration
- Status
- Administration ended
- Administration began
- 2015-03-24
- Administrators' firm
- BWC Business Solutions
- Incorporated
- 2014-05-23
- Location
- Leeds
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
Ink (Global) Limited (“the Company”) was the ultimate holding company of the “Ink Global Group” (“the Group’) The Group traded as a media and publishing business with particular emphasis on in-flight magazines for various airlines and related advertising and other income streams
The Group underwent a restructuring in July 2014 The Company was incorporated in May 2014 as a new “vehicle” with the intention of it becoming the ultimate holding company of the Group Prior to the restructuring, Ink Publishing Holdings Limited (“IPHL”) had previously been the holding company of the Group. Followmg the restructuring, the entire share capital of IPHL was transferred to the Company
As part of the restructuring, a loan of £4 million was taken out by the Group and these funds, together with approximately £2 million of the Group’s cash reserves, were used to redeem/purchase shares in IPHL from various shareholders The remaining shareholders of IPHL were :ssued new shares in the Company in exchange for their shares in PHL.
Administrators' statement of proposals (2015-05-15) · Companies House register