North west event management company Team Spirit goes into liquidation
Oldham-based event management company Team Spirit has gone into voluntary liquidation.
The company, which offered conferences, team building activities and venue-finding was founded by Ian Taylor in 1993.
The statement of affairs filed at Companies House reveals the firm owed creditors £2.4 million, including almost £500k to the Northern Powerhouse Investment Fund, £287k to peer-to-peer lenders Funding Circle, £273k to the Royal Bank of Scotland and £220k to HMRC.
The company had £10k cash at bank with £190k worth of plant and equipment, £117k of fixtures and fittings and £395k of stock, which is set to be sold off.
Its 4,600 sqm base in Oldham had been its home since 2017 and includes warehousing for equipment used at events and team building activities including stages, platforms, lighting, audiovisual gear, sets and scenery, costumes, props, seating, barriers, games and outdoor equipment. The firm had more than 50 full-time and part-time staff based across sales teams, marketing, graphic design and print departments.
Wignall Brownlow is handling the sale of Team Spirit’s assets via an online auction, which will close on Friday 10 July. Team Spirit’s intellectual property rights have been bought by KDM Events.
Jeff Wignall, of Wignall Brownlow, said: “We have been instructed by the liquidators to conduct an online auction sale of the company’s assets which comprise of a large quantity of audiovisual equipment, event props, team building props, warehouse equipment and office equipment. The auction, which will be hosted by Bidspotter, will close on Friday 10 July 2020 with the lots on view at the company’s premises at Hill Street, Oldham on 8 and 9 July. Any interest should be addressed to myself at firstname.lastname@example.org.
“To date, we have had strong interest in the equipment from a number of events companies and have sold the IPR in the business to KDM Events.”
KDM Events confirmed to M&IT that it has bought the Team Spirit website, telephone number and client database.
Published Date: 19/06/2020