Why contracts are so important for any business

Male strippers are used to taking things down but it’s not usually one of the venues they’ve appeared at. 

Preston Guildhall has been a famed venue for over 70 years. It hosted David Bowie, West End theatre, international Snooker and on August 31st last year, a fateful performance from The Dreamboys – the Uk’s most famous male strip show

The venue went into administration in June 2019 owing over £4.5m to numerous creditors including former employees, ticket holders requiring refunds, theatre impresario Bill Kenwright, other production companies and The Dreamboys themselves. 

They were owed £6,676.17 from their performance and after several attempts to reclaim the money failed, decided to issue a winding-up petition against the company. This was supported by several other creditors once they became aware of the petition and the Guildhall owner, Mr Simon Rigby, was advised to place the business into administration. 

Additionally HMRC are owed £360,000 including unpaid VAT and £240,000 is owed to Preston City Council. 

It’s reported that the Guildhall is currently at the centre of several incident of anti-social behaviour while Preston City Council is currently trying to regain control of the venue citing that Mr Rigby had conducted significant breaches of the 999-year lease agreement that he purchased for £1 in 2014. 

Smart strippers

A winding-up petition is one of the most serious threats a company can face – even if not issued by an oiled up Fireman. 

If you receive a winding-up petition it’s understandable to be worried – the consequences for the business and yourself could be expensive. Whilst a winding up petition makes it more difficult to place a company into administration, it remains possible and a viable option to allow time to rescue your business.

You have options but you need to act quickly and decisively to implement them. Contact us and an expert advisor will arrange a free initial consultation where we can discuss what you can do now and what your next steps should be. 

It could be the difference between owning a business or not.  There might be hard days ahead but it’s probably an easier way to earn a living than fighting off hundreds of screaming fans every night…