A Basingstoke trampoline park has closed with the loss of two full-time jobs and 50 casual positions, along with debts in excess of £700,000.
Jump Factory, in Daneshill Industrial Estate, began trading in February 2016 offering a range of trampoline facilities to a variety of age groups.
Julie Palmer and Sally Richards, Partners at business rescue specialist Begbies Traynor’s Salisbury office, were appointed joint administrators on July 17, having been approached by the firm’s directors in May.
Jump Factory ceased trading in June and the decision was made to sell its assets and goodwill.
The business’s problems began to emerge in early 2018 as a result of the seasonality of the business and increased competition, according to its directors.
Julie Palmer, Partner at Begbies Traynor, commented: “Following a thorough assessment, it was clear that the business did not have a viable future in its current form and the only option was to sell its assets, mainly in the form of trampolines, along with the goodwill as a going concern.
“Sadly, because the trampolines were designed specifically for the site in Daneshill Industrial Estate, it proved difficult to transfer them to another location, so their actual value at sale was considerably less than their original purchase price.”
Julie added: “After lots of initial interest in the trampoline park, the number of customers dropped off and trade became seasonal, peaking during holidays. This, along with unserviceable debts, resulted in the closure of the business.”
However, the trampolines and other equipment have now been bought by Warwickshire-based Active Nation UK Ltd. Active Nation officially re-opened the facilities at the existing site on 1 August 2018 and is prepared to honour all pre-booked and paid for events subject to certain conditions.
Julie is a law graduate who qualified with Price Waterhouse in 1994. Julie joined Smith & Williamson in 1997 and became a partner in 2001. With Mike Stevenson, Julie set up Middleton Partners offices in Salisbury and Southampton, both of which are now part of Begbies Traynor.
Julie is a member of the Insolvency Practitioners Association and is a Fellow of The Association of Business Recovery Professionals. Julie deals with all aspects of Corporate Recovery and turnaround work and takes all form of personal insolvency appointments.