Things are not good for Resident Advisor these days. Last year, they had to be bailed out by the British taxpayer to the tune of £750,000. Then they sheepishly admitted they’d been making money out of plague raves in Mexico.
Now it appears they might be even deeper in the mess than first appears. According to Companies House, they made a profit of £26,789 in 2019. This is down from £120,739 in 2018, a drop of over 75% in the space of a year. And don’t take my word for it – all this is publicly available information.
Things get interesting when you go into the Charges tab. A debenture was filed by HSBC back in November 2020. A more detailed explanation can be found on The Gazette – the government’s kind of newspaper of record – but the gist of it is this gives HSBC a certain amount of security for loans given to Resident Advisor.
The debenture itself is available at Companies House, as they are legally obliged to be. Exactly how much money is involved is unclear, but public service do state that Resident Advisor had some £132,000 of liabilities at the end of 2019 – an amount certain to have grown during the pandemic.
At the time of writing, the debenture remains outstanding…