Engage Outdoor Media Limited (11077033): administration
- Status
- Administration ended
- Administration began
- 2023-12-20
- Administrators
- Paul Ellison, David Ronald Taylor
- Administrators' firm
- KRE Corporate Recovery
- Incorporated
- 2017-11-22
- Location
- Reading
- Industry
- 73110 Advertising agencies
Why it went into administration
- COVID-19
- Property / lease costs
- Funding withdrawn / unable to refinance
- Weak consumer demand
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
3.1 The Company began incurring trading losses in 2021 as a result of the Covid 10 pandemic and the UK lockdown restrictions. In this period, the Company also took advantages of the financial support offered to business, which resulted in increased liabilities being incurred.
3.2 Following the pandemic. The cost-of-living crisis has further reduced the Company’s turnover, as businesses are spending less on advertising. This impacted the Company’s ability to settle its liabilities and rent arrears began to accrue to the owners of the screens.
3.3 In order to try and improve the Company’s trading position the director tried to increase revenues via enhanced marketing over the last circa 18 months and also tried to reduce costs and non-essential expenditure.
Administrators' statement of proposals (2024-02-10) · Companies House register