Tycoon Media Limited, a Manchester based company, which claimed to offer a hotel listings service, has been wound up by the High Court for misleading customers and failing to provide services to clients.
The winding up on 9 January, follows an investigation by Company Investigations of the Insolvency Service.
The Investigation found that the company, trading under the names “Seek & Sleep” and “Seek & Dine”, charged customers a monthly fee of between £29.99 plus VAT and £49.99 plus VAT to list their hotel or bed and breakfast business on its online booking agency. The company falsely claimed to offer a money-back refund guarantee of the monthly fee if the client did not get at least one booking per month. No such refunds appear to have been made.
The Insolvency Service investigation also found many other examples of misconduct by the company including failing to provide the pre-paid service, taking unauthorised payments from clients, failing to make good on refunds due to clients, failing to maintain adequate accounting records and trading whilst insolvent.
Clients who provided information to the investigators stated they did not receive any bookings nor a refund of the monthly fee paid.
Commenting on the case, Alex Deane, an Investigation Supervisor with the Insolvency Service, said:
This company operated with flagrant disregard for the general rules of running a business and failed to co-operate fully with the investigation.
The company consistently failed to provide the services it offered, purporting to be the ‘UK’s fastest growing accommodation portal’, when in fact its customer base was minimal and remained as such throughout its trading period.
Those responsible for such companies should be aware that the Insolvency Service can and will take firm action against companies which operate in this manner and put them out of service.
Notes to Editors
Tycoon Media Limited (TML) (CRO No. 07483652) was incorporated on 6 January 2011. The registered office is Peter House, Oxford Street, Manchester, M1 5AN, although the company has not been resident at this address since February 2013. The sole director of TML is Anthony John Tomlinson.
The petition to wind-up TML was presented under s124A of the Insolvency Act 1986 on 7 November 2014. The company was wound-up on 9 January 2015. Company Investigations, part of the Insolvency Service, uses powers under the Companies Act 1985 to conduct confidential fact-finding investigations into the activities of live limited companies in the UK on behalf of the Secretary of State for Business, Innovation & Skills (BIS).
Further information about live company investigations is available.
The Insolvency Service also administers the insolvency regime, investigating all compulsory liquidations and individual insolvencies (bankruptcies) through the Official Receiver to establish why they became insolvent. In addition, the agency authorises and regulates the insolvency profession, deals with disqualification of directors in corporate failures, assesses and pays statutory entitlement to redundancy payments when an employer cannot or will not pay employees, provides banking and investment services for bankruptcy and liquidation estate funds and advises ministers and other government departments on insolvency law and practice. Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available.
By virtue of the winding up order all public enquiries concerning the affairs of the company should be made to: The Official Receiver, Public Interest Unit, 2nd Floor, 3 Piccadilly Place, London Road, Manchester, M1 3BN. Tel: 0161 234 8531 Email: email@example.com.