Minorplanet Systems PLC (03372097): administration
- Status
- Administration ended
- Administration began
- 2011-11-09
- Administrators' firm
- BDO
- Formerly
- Pixiedeal PLC
- Incorporated
- 1997-05-16
- Location
- Leeds
- Industry
- 7415
Why it went into administration
- Creditor pressure / legal action
- HMRC / tax arrears
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Competition / price pressure
From the administrators' statement
PLC was incorporated on 16 May 1997 and was listed on the Alternative Investment Market (“AIM”) 1n November 2005. Between 2001 and 2008, PLC invested in subsidiaries across Europe and Australia (“the Group”) all of which operated in the telematics sector. The Group’s structure 1s set out at Appendix 1.
Asummary of the trading results for the financial years 31 August 2005 to 31 August 2009 are set out at Appendix 2.
In the year to August 2008, the Group made a profit of £1.5m ona turnover of £23.4m. However, during the year to 31 August 2009, the Group expenenced a downturn in sales which 1s attnbuted to the changes in the global economic climate. The Group’s accounts for the year to 31 August 2009 show that the Group incurred a loss of £4m on turnover of
Administrators' statement of proposals (2012-05-30) · Companies House register