Administrators Jason Elliott and Craig Johns from the Manchester office of Cowgill Holloway Business Recovery have been appointed as administrators of Pack Media Limited which traded as Zumu.
The company which was headquartered in Congleton, Cheshire, operated a web page (www.zumu.co.uk) through which unwanted music, films and games were purchased from the general public. The products were then sold on to media retailers.
Following their appointment, the administrators have since sold the business and assets.
“The company has been experiencing tough trading difficulties due to a withdrawal of a funding stream,” said Business Recovery Partner, Jason Elliott. “The Director explored potential refinancing options and additional equity for the business. Earlier this year he had received an offer from an investor but unfortunately negotiations broke down and the offer was withdrawn. In view of the financial position of the Company and withdrawal of that equity offer, the Director was left with no choice but to appoint Administrators.
“Fortunately, a quick sale maximised asset realisations for the benefit of the company’s creditors as a whole.”
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