On Demand Technology Ltd (05449430): administration
- Status
- Administration ended
- Administration began
- 2013-12-03
- Incorporated
- 2005-05-11
- Location
- Chatham Martime
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company was incorporated in 2005 and began trading in a small way By 2008 it had expanded into direct mail management acting as brokers for other company’s adding value by tts skills in producing a better financial outcome by obtaining cheaper printing etc
In 2009 it sought a loan from Finance East in order to develop its own software to allow the management of the print and direct mail via the internet The £75,000 secured was insufficient to allow proper development and the Company was unable to retain most of the key employees and was forced to carry on in a much reduced capacity and try and complete the software development
By 2012 it signed a contract with Digital Property Group to deliver the software It was then able to seek equity capital of £75,000 and an additional £75,000 loan from Finance East At this stage the Company's fortunes appeared to have turned around However, the proposed launch of the software was delayed because DPG merged with a larger concern and it was necessary to redesign the website and deal with a whole new executive management team The Company was underfinanced to cope with the increased cists without the additional revenue streams The launch did not happen until! April 2013
Administrators' statement of proposals (2014-01-31) · Companies House register