The events sector has been brought to its knees by the pandemic. Whether exhibitions, conferences, festivals, or weddings, to name but a few, these are desperate times, and not only for the organizers, suppliers are also badly impacted.

These suppliers could include marquee providers, lighting and sound companies, and security firms.

Here at Company Debt, we have significant experience in both closing and restructuring even management businesses. Get in touch for a free, no-obligation discussion about your situation with one of our licensed insolvency practitioners.

Event Management Pressure Points

Among the most severely affected by pandemic
Anxiety about attending events remains
Heavy debt burdens

What are the Reasons for Events Management Insolvency?

One survey (from online events platform Feast It) said that more than half of the UK’s events companies were expecting to fold – there are also expected to be widespread redundancies as furlough ends. Although the events sector has transitioned to offer virtual events, this has resulted in far lower earnings. Looking ahead, virtual events are set to become even more widely used, specifically through the use of studio and highly professional production teams, but this will not be an option for all events management companies – there will be winners and losers.

While there is a demand to attend festivals, for example, not all are comfortable with indoor gatherings and this has affected confidence. So, bookings are down in areas like team building, as many employees still prefer to work remotely and companies are also less likely to want to send people to conferences in person.

There is uncertainty and some fears that vaccination is not offering full protection. An example was following the G7 in Cornwall, a Covid-19 spike followed – even though it was claimed the event was not connected to this.

Further, even though restrictions on numbers are being lifted, many events companies are also now struggling under large debt burdens and this has led to rising insolvencies.

Help for your Events Management Business

If your events management business is experiencing difficulties, you should not delay seeking advice. Business owners need to address problems and if they put this off, then their options become more limited.

Company Debt provides expert support and advice on the next steps for an insolvent business, whether rescue, recovery, or liquidation.

Knowledge – Insight – Solutions

We are fully licensed and accredited insolvency practitioners based in north London, and with decades of combined partner experience in helping directors find positive solutions to business challenges.

Our goal is first to understand your situation as fully as we can, and then to explain the range of options available to you.

We focus on practical advice, without jargon. We practice total transparency around costs and fee structures. Our wish is to support you as fully as possible so that you can emerge from this situation in the best possible situation.

As a first step, simply book in a call with one of our team to learn more about our approach, and to take advantage of a fee consultation that carries no obligation.

Book My Consultation

If you need an experienced insolvency practitioner or business rescue specialist, seek advice now.

  • Your free consultation will be led by one of our experienced London insolvency practitioners
  • You can speak via phone, online meeting or in person so that we can listen carefully to the facts about your situation
  • The team will provide a preliminary view of the likely best outcome, proposed strategy, and the likely cost
  • We specialise in helping limited comany directors needing immediate professional debt advice

 

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