Bladon Jets (UK) Limited (04479217): administration
- Status
- Administration ended
- Administration began
- 2024-07-08
- Administrators' firm
- Kroll
- Formerly
- Bladon Jets Limited; Mundays (730) Limited
- Incorporated
- 2002-07-05
- Location
- Manchester
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company is a manufacturer of MTGs and its development of this new form of technology has attracted significant investment from investment funds and high net worth individuals. In 2017, the Company started to receive investment from an overseas investment fund and up until 2024 had received c£124m of investment into the business for the ongoing research, design, manufacture and development of the MTG technology and to establish the foundations for the upscaling of production and distribution. This resulted ina number of MTG units being supplied to and tested by customers in various locations around the world.
In the months leading up to the Administration, the Company experienced delays in developing the technology required for a more powerful MTG which could be used more widely in certain sectors such as large scale telecoms.
The delays were further compounded by the fact the business was unsuccessful in securing the next stage of funding required in the short to medium term to complete the next phases of development of the MTGs. The additional funding was conditional on the technology working which, at the time the investment was
Administrators' statement of proposals (2024-09-05) · Companies House register