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
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