Duke:London Ltd (09611852): administration
- Status
- Administration ended
- Administration began
- 2018-07-05
- Administrators
- Neil Charles Money
- Administrators' firm
- Cba Business Solutions
- Incorporated
- 2015-05-28
- Location
- Leicester
- Industry
- 73110 Advertising agencies
Why it went into administration
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 28 May 2015 and operated as an advertising agency in London. The Company developed a reputation for innovative creative work and disruptive strategy in a competitive and potentially and sometime overcrowded industry.
The Company operated at a profit during its first year, however the 2016 trading results returned a loss of around £40,000. The Director was of the opinion that the Company could return to profit, however due to a dispute from a debtor owing around £230,000, this had a catastrophic effect on cash flow as a contract was cancelled affecting ongoing work. To compound matters, the Company was subject to claims from two former employees with claims of around £60,000 in respect of unpaid wages.
Despite the aforementioned legal action and cancelled contract, the Company held tafks with various clients, with the trading name and associated parties essential for the conclusion of the contract talks to be successful. However, with the cancelled contract, the Company was unable to continue to operate and the Director sought professional advice, contacting CBA on 15 June 2018.
Administrators' statement of proposals (2018-09-25) · Companies House register