Official statement from VMS around The Welly and The Polar Bear in Hull

By July 16, 2020 Hull, News

Two of the six VMS Live companies have entered administration, with the likely loss of 20 full-time jobs, with the remaining four VMS Live companies remaining solvent, and active within the current Covid-19 restrictions.

Kate Forster and Bert van Horck transferred their authority as Directors for VMS Live (2011) Ltd and VMS Live (Venues) Ltd on July 15th 2020.

The remaining four companies will continue to operate, as before, under Kate Forster and Bert Van Horck’s Directorship.

CEO Bert Van Horck states:

“I am deeply saddened that we had to make this decision, following the completion of the yearly accounts, the announcements of the government and the bank reconciliation, which lead us to be at immediate risk of trading whilst insolvent.

“I would like to thank all of our staff on behalf of Kate and I for the magnificent efforts made to try and save these two companies, both between September and March during normal trading and beyond into the COVID-19 enforced closure”

VMS Live was restructured following the unexpected death of founder Steve Forster in 2019 and the departure of two remaining directors. The initial restructuring was completed in January 2020 and the company was in a good place to achieve accelerated growth. After 115 days of enforced COVID-19 lockdown closure, the group lacked financial buffers capable of resisting the impact of the COVID-19 pandemic.

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