London: Media Firm
The nationwide insolvency practitioners SFP has completed the sale of the business and assets of Aviation Business Media Limited, an events and media company specialising in the aviation industry.
Established in November 2011, Aviation Business Media Limited was created to design publications and hold events for the aviation industry from its base in Twickenham, London.
Shortly after its inception the company lost a large event in 2012 that severely impacted its cash flow. Despite moving to smaller premises and an injection of cash by management, the cash flow difficulties continued and its bank withdrew overdraft facilities and insisted on it being repaid. During this time the company also accumulated a significant level of debt.
In order to try and ensure the continuation of the business, SFP’s Simon Plant and Daniel Plant – both licensed members of the Insolvency Practitioners’ Association – were appointed as Joint Administrators on 8th May 2015. The business and assets have been successfully sold to maximise realisations. Six staff have been TUPE’d to the new business and five made redundant.
Simon Plant says that the media industry continues to be a challenging sector in which to work: “Whereas insolvencies and administrations are currently down, there are a large number of smaller businesses where the loss of a single large contract or pressure from lenders can be the difference between success and failure.”
