Shaw Gibbs, a member of The Corporate Finance Network and a Top 100 UK Accountancy firm, with offices in Oxford and London were appointed joint administrators of Mears Holdings Limited T/A Funtime Bounce.
Shaw Gibbs Insolvency Practitioners Hayley Simmons (pictured) and Karyn Jones were appointed to advise the shareholders of the 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) no funds available to pay employees or the costs of trade, such as fuel for vehicles, no possibility of obtaining public and employers liability Insurance, concerns over the health and safety of the employees and members of the public and licenses required to operate equipment to move the inflatables, such as forklifts and transit vehicles.
Hayley Simmons, Head of Insolvency for Shaw Gibbs commented, “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.”