Jump Warehouse (GY) Ltd (09855317): administration
- Status
- Administration ended
- Administration began
- 2019-03-19
- Administrators
- Andrew Mctear
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2015-11-03
- Location
- Norwich
- Industry
- 93110 Operation of sports facilities
Why it went into administration
- HMRC / tax arrears
- Sustained trading losses
- Weak consumer demand
- Weather / natural events
From the administrators' statement
The Company was incorporated on 3 November 2015 and commenced trading on 15 February 2016 as a trampoline park located in leased premises at Main Cross Road, Great Yarmouth, Norfolk. The directors at that time were Alexandra Vincent and Mark Ashton and the shareholders were Alexandra Vincent owning 50 shares, Mark Ashton owning 13 shares and Jack Anderson owning 37 shares. John Wilson (the only current director) was employed by the Campany on 1 February 2016 as general manager with no responsibility for the financial performance of the Company at that time.
The first two months of trading were a huge success with the Company recording turnovers of around £50,000 per month. This continued through Easter and up until the end of May but turnover dropped dramatically during the summer months to around £33,000 per month and it became clear an indoor activity in a holiday resort does not appeal if the weather is fine. The reduced turnover resulted in the Company suffering a shortfall in cashfiow however the park remained open six days a week from 10am until 9pm and paid the staff for these hours even with a low footfall.
From its initial positive start the Company saw a gradual monthly decline in its sales figures and tumover for the calendar year ending 31 December 2016 was £425,722 with a loss of 31,000.
Administrators' statement of proposals (2019-05-21) · Companies House register