CMO Global Limited (04335488): administration
- Status
- Administration ended
- Administration began
- 2016-06-21
- Administrators
- Catherine Williamson, Kevin James Coates, Peter Mark Saville
- Administrators' firm
- AlixPartners
- Formerly
- Indepth Enterprises Limited; WEB Surf Solutions Limited
- Incorporated
- 2001-12-06
- Location
- Manchester
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Companies provided environmental, health and safety software services to a variety of clients in the UK and overseas In April 2016, the management team had identified a significant funding requirement and subsequently presented a recovery plan to Inflexion Private Equity Partners LLP (Inflexion), the senior secured creditor, which suggested that between
USD 8 milhon and USD 12 million was required in order to enable the business to continue trading in the medium to long term In the short term, management also advised that they would be unable to fund the May 2016 payroll without third party financial support.
The Administrators were introduced to the Companies on 22 April 2016 by Taylor Wessing LLP, legal advisers to Inflexion, following concerns regarding the short term future of the Companies as a result of a failure to achieve financial budgeted targets Inflexion was keen to understand the long term viability of the Companies’ business The Administrators’ work subsequently commenced in May 2016, pursuant to an engagement letter dated 2 May 2016 which was executed by the board of directors of Bidco
Administrators' statement of proposals (2016-07-05) · Companies House register