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.
The company retails a vast array of agronomy, farming and agriculture products, operating as a key supplier for grass seed and agrochemicals. Own-brand products are complemented by the provision of third-party ranges, with the offering also including...
LEASEHOLD
Multi-disciplinary economic development experts providing a range of specialist advisory and delivery services to public, private and not-for-profit organisations across the world.
Priding itself on its high-quality products, the company provides a comprehensive range of plastic corrosion-resistant fans alongside an array of services to compliment its product offering. As a specialist in the field, the business can design a bes...
09
|
May
|
Landsec sells hotel portfolio for £400m | COMMERCIAL PROPERTY
Landsec has sold its entire hotel portfolio, comprising 21 a...
09
|
May
|
Turner & Townsend acquires boutique consultancy | BUSINESS SALE
Leeds-headquartered professional services consultancy Turner...
09
|
May
|
Cheltenham hardware manufacturer undergoes MBO | MBO/MBI
A manufacturer of window and door hardware has been acquired...
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.