Team Rock Limited (SC395795): administration
- Status
- Administration ended
- Administration began
- 2016-12-19
- Administrators' firm
- FRP Advisory
- Formerly
- Dunwilco (1694) Limited
- Incorporated
- 2011-03-18
- Location
- Edinburgh
- Industry
- 58142 Publishing of consumer and business journals and periodicals
Why it went into administration
- Sustained trading losses
From the administrators' statement
The Company was incorporated in 2011 to establish a global rock music media business. In 2013, it acquired a stable of leading rock music magazines and associated IPR from Future Publishing Limited, including Classic Rock, Prog and Metal Hammer, The Company later developed the website www.teamrock.com.
As at the date of administration, the business had 80 employees, with 31 based at the head office in High Blantyre and 49 based in London.
The business had grown to generate annual turnover in excess of £6M but had been significantly loss making since the magazine acquisitions of 2013. A summary of the recent financial history is included at Appendix A. The Company's trading losses were funded by shareholders and investors, but ultimately the loss making position and consequent pressures on cash flow were unsustainable.
Administrators' statement of proposals (2017-02-09) · Companies House register