Entertainment Alliance (UK) Limited (09094922): administration
- Status
- Administration ended
- Administration began
- 2024-02-09
- Administrators
- Emma Mifsud, Mark Nicholas Ranson
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2014-06-20
- Location
- Milton Keynes
- Industry
- 47190 Other retail sale in non-specialised stores
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
Opus was introduced to the directors on 2 February 2024 by Squire Patton Boggs, a firm of solicitors who had been advising EA with regards to its financial position.
Given the financial situation of both EA and MPS, SRIL had determined that no further funds would be invested into either business and without further funding, EA could no longer continue to trade. As no further funding was available to EA, a decision was made to stop allowing orders to be placed on various online platforms after Spm on Friday 2 February 2024. EA employed 18 members of staff who were advised of the situation on 5 February 2024 and their employment was subsequently terminated.
As EA had ceased to trade, the various insolvency options were reviewed by Opus and discussed with the directors and it was concluded that the most appropropriate route would be an administration as it would most likely produce the best outcome to creditors. The administration appointment process was the most timely, and asset realisations could take place without delay, safeguarding the position for creditors of the estate.
Administrators' statement of proposals (2024-04-15) · Companies House register