Traded Network Ltd, which also traded as Desire Marketing following an acquisition in 2016, has entered voluntary liquidation with Jamie Playford of Leading Corporate Recovery appointed as liquidator on 4 January 2018.
The failure of the marketing and PR agency has resulted in redundancies of five staff and a loss to creditors of £150,000, of which approximately £90,000 was owed to directors.
After being formed in 2013, the business initially raised over £100,000 from its shareholders to build a social fundraising directory platform aimed at aiding local businesses increase their exposure, whilst helping to raise funds for schools, clubs and charities.
The take up of the platform by businesses was less than projected and in 2016 the business expanded by purchasing existing agency Desire Marketing Ltd, taking on an additional four staff, as it looked to redirect its efforts towards traditional marketing and PR services to businesses.
The company additionally blamed a lack of new clients and cash flow problems on the failure to meet obligations to HM Revenue & Customs.
For any further queries regarding the liquidation of the company, please contact Chloe Phillips at Chloe.Phillips@leading.uk.com.
Notes for editors:
Leading Corporate Recovery is East Anglia’s fastest-growing insolvency and business recovery practice, providing insolvency, restructuring and strategic advice to businesses and individuals nationwide, from offices in East Anglia, the Midlands and London.