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
A low-overhead, high-return on investment tanning studio is now available for acquisition. The vendor offers a comprehensive range of services, featuring state-of-the-art modern equipment.
This long-established business, with around 70 years of experience, offers extensive waste management services, including skip hire and hazardous waste disposal, and operates from one of the region’s largest waste-handling sites. It boasts state-of-t...
This nationwide commercial vehicle repair business offers a unique opportunity as one of only two direct Amazon maintenance providers, with lucrative contracts and blue-chip clients already in place.
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.