Immersive Group Gaming Ltd (11241058): administration
- Status
- In administration
- Administration began
- 2024-12-10
- Administrators
- Julie Anne Palmer, Andrew Hook
- Administrators' firm
- Begbies Traynor
- Formerly
- Electric Playbox Ltd; Electronic Theatre Ltd; Immersive Games LAB Ltd; Rough Diamond Ventures Ltd
- Incorporated
- 2018-03-07
- Location
- Salisbury
- Industry
- 64303 Activities of venture and development capital companies
Why it went into administration
- Sustained trading losses
From the administrators' statement
Immersive Group Gaming Ltd was founded in 2018. The Company was a location-based entertainment and social gaming technology platform. Since 2018, the Company raised successive funding rounds totalling $59.9m which it used to open 23 owner operated venues across the UK and USA. In addition, there were 9 franchise and concession venues as at September 2024.
Of the $59.9m of funding, $20.0m was debt provided by Harlan Capital Partners LLC around November 2022 and April 2023. Of the owner operated venues, 4 are in the UK and 19 are in the USA, whilst the franchise and concession venues are located across multiple geographies.
The Joint Administrators understand that the Company was loss making since its inception, having spent investment funds approximately 40:60 between capitalised development costs and funding operating losses. The Company’s intention was to expand its number of stores to reach the necessary scale to achieve profitability.
Administrators' statement of proposals (2025-02-03) · Companies House register