A Bankruptcy Lawyer’s Blog

A Reader’s Question – How do I find out if the UK Events company Concerto Group 02063425 is in trouble or going bankrupt?

Here’s a good question from Mark Milton with an even better answer, enjoy:

I looked on companies house and they suffered a big loss of 169,947 in their 2010 accounts. It seems from reading a statement from Mike Kershaw, Chairman of The Concerto Group on an event blog in the event news that they are seeing another slow down in business again this year which would indicate further losses are going to be announced. “We are all too well aware that things have been tough in the events market for the past six months; we all know how hard every sale has been and how tight clients are getting on budgets”. http://community.eventmagazine.co.uk/forums/t/1771.aspxIt concerns me that such a big company that deals with so many events each year could possibly be heading into bigger financial trouble or even bankruptcy causing those who have given them money to lose it. Is there a way I can protect myself if I get them to organize an event for me or supply them with products?Also what does it mean when they describe themselves as a 30 Million pound company. http://www.concertogroup.co.uk/ “The Concerto Group is one of the UK’s leading event services companies. A 30 million + business with seven offices and employing over 120 full time staff, the Group comprises of 16 brands that provide event management, venues, catering and event services”How can a company that made 191,403 in 2009, made a loss of 169,947 in 2010 which nearly wipes out its 2009 profit, and further says that trading conditions are slowing further describe itself as a 30 Million+ company. Is this being done to mislead its clients? A company that has just submitted accounts saying that they have lost 169,947 and are now finding trading conditions difficult cannot be a a 30 Million+ company?

Answer: Companies House is the only way you can check if a company is legit etc and you have done that. To protect yourself if you have doubts, don’t trade with them, or if you do and supply products, make sure its COD or 30 days only, you call the shots. If they are supplying an event make sure you take out specific curtailment insurance. You could also make discreet enquiries by asking other companies that supply them to give feedback on their payment, if theyv’e had any payment issues etc. Or, go to the top, ask to speak to the MD and ask for a written assurance that the company is rock solid. I worked for a similar company, it went bust!

Tagged:Other – News & Events