New Milton: Dave Hicks Putting placed into liquidation

Alexander Kinninmonth and David Green of RSM Tenon have been appointed joint liquidators of Dave Hicks Putting.Based in New Milton, the company has been trading since January 2011 as a retailer of custom-made golf clubs, accessories and technology which were manufactured by connected company, Dave Hicks Golf.

The company had been in the process of marketing its products to players, representatives and celebrities at golf tours and events with the long-term objective of obtaining a licence agreement with a major golf club manufacturer. Despite positive feedback from those that had tested the company’s products, it had been unable to secure a licence agreement.

Throughout its history the company had been funded by investors and in the summer of 2012, the directors identified that fresh investment would be required in order to continue. However, despite its efforts to secure a new funding stream, the company received two statutory demands in November 2012.

The directors met and concluded that the company was unable to repay its debts and that its current sales revenues were below the threshold required to sustain the business. They therefore instructed RSM Tenon to take the necessary steps to place the company into voluntary liquidation.

Kinninmonth commented: “The company had an innovative product, but a lack of funding and failure to secure a licence agreement caused the closure of the business”.