Venncomm Limited (06381528): administration
- Status
- Administration ended
- Administration began
- 2019-05-31
- Administrators' firm
- Wells Associates
- Formerly
- Swift Connect Limited
- Incorporated
- 2007-09-25
- Location
- London
- Industry
- 61900 Other telecommunications activities
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Weather / natural events
From the administrators' statement
The Company, incorporated in September 2007 under the name Swift Connect Limited, was founded to produce and sell mobile applications for group communications in regulated industries. The Company was established by its founder Lynette Swift who appeared to have funded the Company personally until September 2010 when additional parties invested in the Company. Once appointed as a director, the Company traded from Mr Stonehouse’s personally address, later from rented office space in the City of London. The Company also utilised remote resources in Romania and USA.
Mr Stonehouse was appointed as a director in Aprit 2011 to assist in creating a product, raising investment, developing market knowledge and building a sales pipeline. The business operated in the mobile telecommunications industry, which Mr Stonehouse had extensive experience working in under previous ventures.
From April 2011 through to December 2012, the Company was funded by Mr Stonehouse personally, after which investment was made from friends and family of the Director, until 2013.
Administrators' statement of proposals (2019-07-15) · Companies House register