Mermaid Maternity Services Ltd (06281861): administration
- Status
- Administration ended
- Administration began
- 2014-10-09
- Administrators' firm
- Leonard Curtis
- Formerly
- Mermaid Properties Limited; Company Selection Limited
- Incorporated
- 2007-06-15
- Location
- Bristol
- Industry
- 86900 Other human health activities
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 15 June 2007 in order to create a mid market proposition in the UK maternity sector between the private sector which Is very expensive, and the NHS which Is free, but where mothers are routinely discharged from hospital within hours of delivery Given the high pnce people are willing to pay for private care, the directors considered there was a price point at which Mermaid's service would find a viable market Furthermore, it was understood that the local authority and NHS might be collaborative which was hoped would result in rapid sales growth
The Company commenced to trade July 2013 from premises at 234A Kings Road, London The anticipated collaboration with the NHS did not materialise and the business sought to develop a viable retail marketing strategy Given the extent of the running costs, it became necessary to refinance the business on a number of occasions during the construction phase, and during the first months of trading On each occasion, shareholders provided additional funding to seek to give the business time to prove Itself
In August 2014, it became apparent to the directors that a further £600,000 of investment was required but the shareholders’ appetite for such a large further capital investment was diminished The board approached key creditors to see if the ongoing cost basis might be restructured in the anticipation that if this could be achieved, the additional share capital investment might become available Such restructuring did not prove possible so, having become increasingly concemed about the financial position of the company, the board commenced
Administrators' statement of proposals (2014-12-01) · Companies House register