VG Realisations Limited (04790808): administration
- Status
- Administration ended
- Administration began
- 2011-08-22
- Administrators
- James Sleight, Stephen Goderski
- Administrators' firm
- PKF
- Formerly
- Vegastream Group Limited
- Incorporated
- 2003-06-06
- Location
- London
- Industry
- 3220
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company was incorporated in June 2003 to act as a holding company and sole shareholder to the trading entity Vegastream Limited (“VL") The Company received funds from tnstitutional and private investors and these funds were subsequently invested in VL.
The principal activity of the Company tn conjunction with VL was the design and distribution of VoIP (Voice over Internet Protocol) gateways which convert a telephone conversation into the correct format as data packets to enable it to travel across a data network as Internet Telephony
In August 2006 the trading subsidiary of the Company, VL, was placed tnto Administration and the assets, business and intellectual property were acquired by the Company wa a pre-packaged sale Following the purchase of the business and assets, the Company became the trading entity within the “Vegastream Group” and a new company, Vegastream Holdings Limited (“VHL"), was created to hold the shares of the Company and to act as the conduit for additional funding By November 2006 the business had raised funds totalling £14 million, which included funds secured by a debenture from Noble Venture Finance | Limited (“Noble”), whereby Noble advanced monies to VHL, which was tn turn secured by an intercompany cross guarantee provided by the Company
Administrators' statement of proposals (2011-10-14) · Companies House register