Live Company Group, the London-listed operator of K-Pop Lux and Bricklive, has filed a winding-up petition after its last-ditch efforts to secure new investment failed.
The Surrey-based company, which specialises in both K-Pop events and children’s entertainment, revealed that despite “extensive discussions” to agree a payment plan with a key creditor, negotiations had not led to a resolution, leaving the firm with little choice but to seek liquidation.
Live Company Group has been plagued by financial difficulties for several years, and its pre-tax loss widened to £9.4m in 2022, up from £3.2m the year before.
This was despite its revenue increasing 79 per cent from £2.6m to £4.7m, which the firm said reflected “a return to live events following the COVID-19-related interruption of business in 2020 and 2021.”
However, the increase in sales has failed to ward off trouble, leading to at least two of its planned concerts in Europe being cancelled in 2023, including its KPOP LUX x SBS Super Concert in London, which was supposed to take place on September 22 and 23 at the O2 Arena.
The London stop of the event would have featured performances by ITZY, Dreamcatcher, THE BOYZ, WEi, ZEROBASEONE, hikers, Tomorrow X Together ONEUS, Billie and Choi Yena.
Live Company Group said at the time that it had “tried to find a way to keep the show alive” but that it had “run out of options”.
During the year, the directors forwent their salary and opted to be paid via shares.
In July 2024 Live Company Group ceased trading on London’s AIM market after it failed to report its full year results, which had been due the previous month.
It told regulators it would aim to publish these by the end of the month, but on July 30, 2024, pushed this back again to the end of September.