Digicom OUT of Home Digital Media Limited (09694836): administration
- Status
- Administration ended
- Administration began
- 2016-05-23
- Administrators' firm
- Leonard Curtis
- Formerly
- Outdoor Media Advisory Limited
- Incorporated
- 2015-07-21
- Location
- Birmingham
Why it went into administration
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
31 The Company was incorporated on 21 July 2015 and commenced to trade on 11 August 2015, following its acquisition of a part of the business of Amscreen Group Limited (“Amscreen’) The Company traded as an out of home advertiser, concerned with the provision of digital advertising content onto screens located in retail premises across the United Kingdom
32 The screens on which the Company's content was displayed were owned by Amscreen and leased to the Company by way of a lease agreement executed in conjunction with the sale and purchase agreement (“the SPA”)
33 The Company has been funded principally by tts director, Thomas Goddard, and associated companies Pursuant to the terms of the SPA, a payment of £1,663,000 was made to Amscreen on completion with a further £350,000 due on 31 July 2016 and £337,000 on 31 July 2017 Additionally, a significant number of the lease payments were deferred, with a balance of around £571,000 having accrued in total as at the date of administration
Administrators' statement of proposals (2016-07-22) · Companies House register