Phasor Solutions Limited (05521261): administration
- Status
- Administration ended
- Administration began
- 2020-04-07
- Administrators
- Benjamin John Wiles, Geoffrey Wayne Bouchier
- Administrators' firm
- Kroll
- Formerly
- Cole and Mcgowan Ltd
- Incorporated
- 2005-07-28
- Location
- The Shard
- Industry
- 26309 Manufacture of communication equipment other than telegraph, and telephone apparatus and equipment
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
As detailed at section 4, the Company s business was pre-product revenue at the Appointment Date, and since Its inception had relied on a number of sources of finance for its operations
The Company and its parent had been in discussions with potential new investors into the business throughout 2018 and 2019 but had been unable to raise the additional funds required to close the investment round Due to resulting cash constraints. the Company had reduced its operating costs and headcount during this period as well as extending its working capital cycle
From November 2019. the Company was in discussions with a large multinational corporation in relation
Administrators' statement of proposals (2020-06-02) · Companies House register