Gnodal Ltd (06147615): administration
- Status
- Administration ended
- Administration began
- 2013-10-04
- Administrators' firm
- BDO
- Incorporated
- 2007-03-09
- Location
- London
- Industry
- 26200 Manufacture of computers and peripheral equipment
Why it went into administration
- Competition / price pressure
From the administrators' statement
Gnodal Limited was incorporated in 2007, developing revolutionary data centre network infrastructure products and Intellectual Property. Launching its first products in August 2010, the business sought aggressive US expansfon, introducing a US based CEO and sales team in a US incorporated subsidiary, Gnadal Inc. However, the US operation did not achieve sales orders sufficient to sustain its cost base and it became a drain on UK resources.
As a result, in March 2013 the Directors took the decision to market the Company for sale. Due to the strong ties the business had in California, the Directors engaged Woodside Capital Partners (‘Woodside’) to assist in the sale process and Woodside contacted over seventy interested parties. However, while interest was generated through the summer, no letter of intent to purchase was received,
Therefore, on 9 August 2013, in consideration of the deteriorating cash position, the Directors instructed BDO to widen the interest and accelerate the sale process. Between 9 August and 23 September, a further eighty parties were contacted and four expressions of interest were received, but all were at a level which would result in a deficiency to creditors.
Administrators' statement of proposals (2013-11-12) · Companies House register