Closing down a profitable company
Company liquidation, administration and closing down a limited company are all serious and interesting topics and are critical components of a functioning economy and business ecosystem but they don’t usually get a sprinkling of stardust.
That changes as today, for the first time, we can legitimately write about the business affairs of Ms Adele Adkins; or as you know her better, just Adele.
A brief recap – she’s sold over 100 million records in her career and has achieved the distinction that few artists do with ubiquitous and popular songs like Someone Like You, Hello, Skyfall, Chasing Pavements and Rolling in the Deep becoming the soundtrack to people’s lives.
She embarked on a massive, 121 date world tour in 2016 and 2017 called “25” to over 1.5 million fans in Europe, North America, Australia and New Zealand.
All of the arrangements were organised by Remedy Touring LLP, her own touring company, which she put into a members voluntary liquidation sparking speculation that she was done with touring and would concentrate on recording and releasing new music instead.
She ended the tour by telling the audience that “I don’t know if i will ever tour again. The only reason I’ve toured is for you.”
The company was formed in 2015 and the most recently filed accounts from February 2018 showed that the turnover from the 25 live tour was approx. £142 million. In 2018 the company had reserves of £14 million and reported a profit of £11.5 million.
The latest liquidators summary statement of receipts and payments shows that the company still has just over £150,000 in its accounts.
Ms Adkins is listed as secretary and director of her other companies Melted Stone Publishing and Melted Stone Limited which oversee her music publishing interests but under a different name – Adele Laurie Blue Adkins.
She formed the business when she was young
There’s nothing untoward about this in itself but we’ve previously written about a Companies House consultation on tightening up its database and reporting procedures to cut down on the number of honest duplicates and the more problematic issue of chameleon directors.
It’s not only world music superstars that decide to change direction – personally or commercially.
A company might be profitable or otherwise well run but the directors or owners want to do something different with their lives. A voluntary liquidation can be the most efficient and stress-free way of closing one chapter and beginning another.
Get in touch with one of our expert advisors who will set up a free, initial consultation entirely at your convenience.
They will work with you to understand where your business is at, what you want to achieve and produce a plan to get you there as painlessly as possible.