Corporate Absence Care Limited (05143771): administration
- Status
- Administration ended
- Administration began
- 2012-03-12
- Incorporated
- 2004-06-02
- Location
- Fareham
- Industry
- 7487
Why it went into administration
- Sustained trading losses
From the administrators' statement
The company was incorporated in June 2004 on the initiative of Malene Nielsen, who was the sole director until January 2012 Ms Nielsen believed she had identified a demand from corporate customers for a staff absence management service based around a contact centre and web interface, along with ancillary managed occupational health, health monitoring, wellbeing and case management services The business was based in serviced offices in London and employed up to six people
As this was effectively a new service, product development costs were incurred along with trading losses whilst the business was established These have been funded by several rounds of equity financing, the most recent in July 2009, which has raised a total of £343k Further finance was secured in 2005 by a secured term loan from Lloyds TSB Bank under the Small Firms Loan Guarantee Scheme and the current balance outstanding Is approximately £30k In between funding rounds, the company had stretched the debts due to various creditors, in particular HM Revenue & Customs, which were then paid back down with the capital raised
By the end of 2010, the company was yet again needing fresh finance and found that existing and prospective shareholders had lost confidence in the company’s prospects Consequently attempts were made throughout 2011 to find purchasers for the company Despite these efforts no formal offers were ever received
Administrators' statement of proposals (2012-03-20) · Companies House register