Reneuron Group Limited (05474163): administration
- Status
- Administration ended
- Administration began
- 2024-03-20
- Administrators
- Stephen Robert Leslie Cork, Mark Smith
- Administrators' firm
- Cork Gully
- Formerly
- Reneuron Group PLC; MF59657 PLC; MF59657 Limited
- Incorporated
- 2005-06-07
- Location
- Weybridge
- Industry
- 72110 Research and experimental development on biotechnology
Why it went into administration
- Parent or group failure
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Group has been loss-making since incorporation, being funded by way of public investment and a government grant through RGP. The other companies in
the Group were funded by intercompany loans from RGP, which would then be written off on an annual basis.
In July 2021, lain Ross was appointed Non-Executive Chairman of the Group and, following Olav Hellebg’s resignation as CEO in February 2022, he became Interim Executive Chairman until the appointment of Catherine Isted as CEO in September 2022. Also, in September 2022, there was a number of changes to the senior management team. John Hawkins assumed the role of CFO and joined the Group’s Boards; Dr Randolph Corteling assumed the role of CSO; Suzanne Hancock was appointed COO; and Simon Dew joined the Group as CBO. In December 2022, following Catherine Isted’s resignation, lain Ross was appointed Executive Chairman and a new lower operating cost model was implemented. More information on this can be found in Section 4.
Administrators' statement of proposals (2024-05-24) · Companies House register