13 Jun 2019
Shaw Gibbs Insolvency Practitioners appointed as joint administrators of Mears Holdings Limited T/A Funtime Bounce
Shaw Gibbs Insolvency Practitioners Hayley Simmons and Karyn Jones have been appointed as joint administrators of Mears Holdings Limited T/A Funtime Bounce (Funtime Bounce), a company who hired out children’s bouncy castles, obstacle courses and knock out challenges.
The IPs have had to take the tough decision on whether to allow Funtime Bounce to continue to trade in order to honour the existing bookings.
Regrettably, there were a number of reasons why the joint administrators have decided not to allow the company to continue trading which include (but are not limited to) the following:
· There are no funds available to pay employees or the costs of trade, such as fuel for vehicles
· There is no possibility of obtaining public and employers liability Insurance
· There are concerns over the health and safety of the employees and members of the public
· There are licenses required to operate equipment to move the inflatables, such as forklifts and transit vehicles
Hayley Simmons, Head of Insolvency for Shaw Gibbs comments
“Whilst we appreciate that the decision to stop trading will leave a number of clients of Funtime Bounce disappointed, our professional view is that it is neither feasible or safe for the company to continue to trade. We extend our apologies to those who have been let-down in this process”
How we help our clients?
At Shaw Gibbs, our Insolvency & Advisory team can help with reviewing a business’ position and helping to create a recovery or exit plan as necessary. We have extensive experience in solvent liquidation (MVL), insolvent liquidation (CVL) as well as administration and can also work with our Corporate Finance team on business valuation and sales.