IL Realisations Limited (09977808): administration
- Status
- Administration ended
- Administration began
- 2019-11-26
- Administrators
- Steven Muncaster, Andrew Knowles
- Administrators' firm
- Kroll
- Formerly
- Inlink Limited; Link OOH Limited
- Incorporated
- 2016-01-29
- Location
- Manchester
- Industry
- 73120 Media representation services
Why it went into administration
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Over-expansion / investment not recovered
- Competition / price pressure
From the administrators' statement
As a start up, the Company invested heavily to grow the network of Inlink terminals to over 220 units in short order at a cost in excess of c.£14m.
in addition, the Company entered into a sale and leaseback arrangement with Close Brothers Asset Finance to fund a further 200 terminals. Close Brothers Asset Finance provided funding of c.£5m between December 2017 and August 2018.
The funding provided by Close Brothers Asset Finance covered the cost of the physical Inlink units, and excluded the planning, infrastructure and installation costs. Overall, the additional 200 units cost the Company in excess of c.£12m to build and install. At the Appointment Date, the amounts owed to Close Brothers Asset Finance totalled c.£3.5m.
Administrators' statement of proposals (2020-01-23) · Companies House register