Buzzfeed Facing Being Struck Off

Last week, CityAM reported that Buzzfeed UK “is under fierce pressure from financial authorities for failing to produce its company accounts more than two months after the deadline.”

Government agency Companies House had lodged a proposal to strike Buzzfeed from the official register as its 2018 accounts, which were due by 30 September this year, have still not been filed. Today they were issued today with the official strike-off notice.

Why the accounts are over two months late being filed is not explained. According to City A.M. the company was “running at an unsustainable rate”. Buzzfeed’s accounts for 2017 showed a pre-tax loss of £1.9 million and the firm owed £7.7 million to creditors at the end of the year. It is very unusual to file accounts so late that the firm risks being struck off.

A statement from the company says

BuzzFeed UK Ltd. will be filing our 2018 financials by the end of the year. Earlier this quarter we concluded the global audit of BuzzFeed Inc. on time with no unusual findings.

We have great confidence in our global operations and are extremely pleased with the contribution they make to our wider company. This year saw us diversify our revenue putting us in an even better position than ever: launching shows like #What2Watch, selling products like spices with Schwartz and customisable Tasty cookbooks and putting rocket boosters behind our affiliate.

Which means the accounts for 2018 won’t be filed until 2020. The delay is only because of good news? Right?

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