Silverhub Opco Limited (10231296): administration
- Status
- Administration ended
- Administration began
- 2018-06-12
- Administrators' firm
- FRP Advisory
- Incorporated
- 2016-06-14
- Location
- London
- Industry
- 74209 Photographic activities not elsewhere classified
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Companies formed part of the SilverHub group of companies. At the date of the administrations the Companies were holding companies within the corporate structure.
The Group’s business was that of a photo agency. It was launched in April 2016 with the purchase of Action Press KG and The Picture Library Limited. This was followed by the acquisition of Splash News and Picture Agency Limited in December 2016 and Flynet Pictures UK Limited in June 2017, both celebrity photo agencies.
The acquisitions were financed by debt provided to SHM from its shareholders, including Rex, and SHM in turn provided funding to its subsidiaries. Rex also provided secured loans to SHM which as per the Directors’ statement of affairs at Appendix E amounted to £3,912,097. Shareholders’ loans as per the Directors’ statement of affairs amounted to £9,981,934.
Administrators' statement of proposals (2018-08-18) · Companies House register