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Slingshot have ceased trading

Sadly, Slingshot have had to seek voluntary company liquidation and have appointed McAlister & Co Insolvency Practitioners Ltd. If you have any questions about the process, please contact them via a slingshoteffect@mcalisterco.co.uk

 

Apocalypse now

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We’re contacting all our suppliers, creditors and all our players today with some extremely sad news. Slingshot have ceased to trade and we have been forced to put the company into liquidation. This is bad news not just for us but for all the people we will be letting down. The fantastic staff we’ve employed to deliver our games, all the businesses and people who’ve supplied goods or premises, all our zombie volunteers who have tirelessly chased and chased and of course all of the players who bought tickets to what, we all hoped, was going to be a fantastic night out. None of these promises can now be met. We are devastated.

At this point we have a series of legal obligations to meet. These include holding a creditors meeting on the 5th of August. All our creditors are being contacted today via post. If you have any concerns please feel free to contact the insolvency practitioner McAlister & Co Insolvency Practitioners Ltd via slingshoteffect@mcalisterco.co.uk

So where did we go wrong? How did we come to be here? There have been a couple of contributing factors: 

Ticket price: We know we go this wrong this year. We actually got it wrong every year. 2.8 has been a labour of love. So in all the other years we’ve run it, we’ve not actually charged enough to make any profit (not a good idea for a company, without profit you can’t grow, you can’t invest in your team and you can’t ride out cash flow problems). We know how to run this kind of game better than anyone and this year we calculated the “actual cost” of running the games if we were to sell 75% of the available tickets. That’s how we set the ticket price . We were not just inflating prices to make more money. It was our only option to make the  game sustainable.

Cost inflation: We’ve had a lot of players come through 2.8 (most of them very happily). The logistics we’ve come up with to do this are complex but robust, but every year has seen an increase in the cost of doing this. To give an idea of this, the cost to renew our insurance this year was thirty five thousand pounds.

Cancellations: Not unrelated to the cost increase of the games, we have seen a massive tail off in sales. As an attempt to limit our losses we were forced to cancel games in entire cities like Leeds and Sheffield. But in the end this just destroyed our cash flow and we have been unable to meet our financial commitments. And in the end that makes us insolvent.

On a personal note we have been working together now for seven years. Slingshot has been our baby and the vehicle by which we have tried to make wonderful, ridiculous things possible. Like any entrepreneur, we’ve worked hard and been paid very little (all of our staff were paid more than us). But it meant we could grow rapidly and reach a lot of people. Though we’ve had more than 50,000 players play our games, we had hoped this was just a beginning. 

 

To everyone who will be hurt by our collapse, we apologise profoundly and from the bottom of our hearts. 

 

Simon & Simon 

once known as

Slingshot

 

 

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