Venue management company and promoter VMS Live has announced that two of its six companies have gone into administration, with the potential for 20 job losses, as a result of the group lacking “financial buffers capable of resisting the impact of the Covid-19 pandemic”.
The move will see the closure of Hull venues the Welly and the Polar Bear, along with ticketing operation Hull Box Office.
Kate Forster and Bert van Horck have transferred their authority as directors of VMS Live (2011) Ltd and VMS Live (Venues) Ltd, and the administration of the companies is being handled by London’s Antony Batty & Company.
Forster and Van Horck will remain as directors of the remaining four VMS companies.
“I am deeply saddened that we had to make this decision, following the completion of the yearly accounts, the announcements of the government and the bank reconciliation, which lead us to be at immediate risk of trading while insolvent,” said Van Horck.
Following the death of VMS founder Steve Forster in April last year, the company went through an executive restructure that was completed in January and saw Bert Van Horck appointed CEO and Forster’s wife Kate join the board in a non-executive role.