Teleadapt Limited (02324696): administration
- Status
- Administration ended
- Administration began
- 2019-10-09
- Administrators
- Sarah Megan Rayment, Martha Hanora Thompson
- Administrators' firm
- BDO
- Formerly
- Gimex Limited
- Incorporated
- 1988-12-02
- Location
- London
- Industry
- 46520 Wholesale of electronic and telecommunications equipment and parts
Why it went into administration
- Creditor pressure / legal action
- Sustained trading losses
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 2 December 1988 and operated as a wholesaler of connectivity solution products to the hotel market. The Company operated from leasehold premises in Watford, Hertfordshire. The Company is the parent company of a group of four companies located in the US (TeleAdapt Inc), the UAE (TeleAdapt Limited DWC LLC), China (TeleAdapt Trade (Shenzhen) Limited) and Hong Kong (TeleAdapt (Hong Kong) Limited).
In 2017, one of the Company’s core products began to fail which resulted in a product recail and replacement at an estimated cost of £2m. This caused the Company significant reputational damage and many customers moved to alternative suppliers.
During the year ended 31 March 2018, the Company generated an operating loss of £40k based on revenue of £9.1m. Revenue declined to £7.4m during the year ended 31 March 2019 and generated an operating loss of £433k. The Company continued to make losses thereafter. The reduction in turnover and increased losses were predominantly attributed to the decline in sales of key products and lack of traction of a new product designed by the Company, Roomcast.
Administrators' statement of proposals (2019-11-06) · Companies House register