Thu, 05 Jul 2012 | ADMINISTRATION
Pele Productions has entered administration due to its mounting debts and struggles to turn a profit.
It is now in the position where it owes over £150,000 to its creditors, according to documents filed at Companies House. The pantomime production group cited its move into musicals and bad weather as major contributors to its financial problems as its turnover was reduced “substantially” by its decision to programme musicals rather than pantomimes over the 2009 Christmas period.
The administrator's report, as seen by The Stage, noted: “In an effort to increase turnover and profit, the company decided to branch out into musical theatre and gain work throughout the year rather than just the Christmas season and it presented A Chorus Line. Unfortunately this made losses of around £40,000 at the box office, putting the company under severe pressure.
“Another musical for the Lowry, Peter Pan in 2010, would have stabilised the company. Although the show did well it did not achieve its full potential due to extreme bad weather at that time.”
The administrators have stopped trading at Pele Productions. They will now need to decide what to do about the company's debts, which include £27,000 owed in VAT to HM Revenue & Customs, almost £20,000 to Swash and around £44,000 to publisher Samuel French.
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