Velti Limited (05552480): administration
- Status
- Administration ended
- Administration began
- 2014-07-01
- Administrators
- Nicholas Guy Edwards, Robert James Harding
- Administrators' firm
- Deloitte
- Formerly
- Brightmanner PLC
- Incorporated
- 2005-09-02
- Location
- London
- Industry
- 61900 Other telecommunications activities
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
As outlined above, the Group had been facing financial pressure for a pertod of time and, following the sale of the MMBU assets of the Group tn January 2014, it was clear that the remaining operations of the Group were unable to support the remaining secured debt
The residual PMBU operations have been operating under substantial cash constraints and with further trading losses projected that couldn't be funded by the Company, as shareholder
It was therefore clear that a further financial restructuring or a sale would be required to enable the PMBU operations to secure ongoing viability and to generate any value for the creditors of the Company
Administrators' statement of proposals (2014-08-29) · Companies House register