Thu, 21 Dec 2023 | ADMINISTRATION
Events Gear Limited, a Lincolnshire-based event equipment hire firm, has fallen into administration after efforts to secure fresh investment proved unsuccessful. The company, which was founded in 2021, provided equipment, production crews and technicians for a variety of events, including conferences, corporate occasions, firework displays, concerts, theatre productions, weddings, exhibitions and community events.
The firm supplied a range of equipment, such as stages, special effects, fencing and safety barriers, TV sets, marquees, generators, stands and screens, with customers including theatres, venues, companies, local authorities, sports grounds and universities.
The company, which operated from premises in Grantham, has ceased trading after entering administration, with all seven of its employees being made redundant. The firm’s assets and stock are now set to be sold via an online auction.
Inquesta Corporate Recovery & Insolvency director Steven Wiseglass has been appointed as the company’s administrator. Wise glass commented: “I understand attempts by Events Gear to secure further investment to safeguard the business were sadly unsuccessful and, as a result, it could not continue operating. It’s sad to see redundancies at any time, but especially so close to Christmas.”
He continued: “We have instructed JPS Chartered Surveyors to conduct an auction of all the equipment and stock and hopefully provide a good return to creditors.”
In Events Gear’s most recent accounts at Companies House, for the year ending November 30 2022, its fixed assets were valued at £357,256 and current assets at slightly over £25,000.
At the time, the company owed more than £293,000 to creditors within one year and slightly over £47,000 to creditors due after more than one year, with net assets amounting to £41,634.
Find out more about high insolvency rates among UK SMEs
Confidential sale of a well-established lettings & estate agent in Leeds. The business has been trading for many years and has built up a fantastic reputation with hundreds of positive google reviews.
The business has been operating for over 20 years and has built up a fantastic reputation in their area. Boasting a portfolio of 700 and adding properties under management.
The company has traded for 16 years, based in the Northwest and operating nationally providing temporary staff to large corporate clients.
22
|
Nov
|
Redsquid going national after new funding and acquisition | BUSINESS SALE
IT managed service provider (MSP) Redsquid is going national...
21
|
Nov
|
Omega Plastics in management buy-out | MBO/MBI
Gateshead-based plastics group Omega Plastics Group has unde...
21
|
Nov
|
Antrim-based Texthelp buys EdTech peer Scholarcy | BUSINESS SALE
Texthelp Group, an Antrim-based Edtech has bought peer Schol...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.