2D Video Facilities Ltd, the company which operates the facilities Beach 74 and TV Set, has been placed in administration after a drop in the value of its freehold premises at 74 Newman Street.

An administrator was appointed on 8 July and follows a company restructure in March designed to reduce losses.

Managing director Terry Bettles said the issue came to a head once the building went into negative equity. “The bank became very anxious and insisted on an immediate reduction in the company's overdraft facility,” he said.

“Getting external funding in this financial climate proved impossible and, sadly, without the bank's support, we were unable to go forward.”

Joint managing director Dave Thompson added: “The speed at which our bank reacted is indicative of the financial turmoil and nervousness of the money markets at present.”

A management buyout will enable the TV Set facility to continue to offer transfers and engineering services as an independent company working out of 22 Newman Street. The original engineering staff located at this facility will remain in place.

Although further details were unavailable, 2D Video said arrangements had also been made to “relocate most of the Beach 74 staff and clients”.

Established in 1988, 2D Video Facilities has worked on TV shows that include online and offline on Tiger Aspect's House Auction.