Wildfire Social Ltd (10550250): administration
- Status
- Administration ended
- Administration began
- 2019-07-26
- Administrators' firm
- RSM
- Incorporated
- 2017-01-06
- Location
- Tollgate
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Bad debts / customer insolvency
- HMRC / tax arrears
From the administrators' statement
Brief background
The Company was incorporated on 6 January 2017 to provide content distribution and influencer marketing services in the social media marketing sector. The business’ founders (Jonathan Binstead and Thomas Parsons) started, in 2013, with what became one of the largest football social communities. With numerous agencies having asked to buy posts for their own campaigns, the would-be founders of the Company decided to manage the entire process themselves. Contracts were obtained with a number of social media platforms, PR firms, record labels and television broadcasters.
Financial difficulty arose upon the Company's main debtor, Bentley Harrington Ltd t/a Unilad, going into administration (October 2018). The corresponding receivable totals £645,000. The debtor's insolvency compounded the Company’s already-difficult cash flow position arising from outstanding VAT and corporation tax due to HM Revenue & Customs.
Administrators' statement of proposals (2019-09-27) · Companies House register