Technological Systems Limited (06504806): administration
- Status
- Administration ended
- Administration began
- 2014-02-10
- Administrators
- Paul Gerard Moorhead
- Formerly
- Session Stream Limited
- Incorporated
- 2008-02-15
- Location
- Rotherham
- Industry
- 28990 Manufacture of other special-purpose machinery n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Parent or group failure
From the administrators' statement
The company was established in 2008 tn order to develop and market a novel seatbelt harness device for use by pregnant women when travelling in motor cars The company successfully created a design for the harness and the manufacture of a small number of harnesses was subcontracted to a specialist manufacturer These harnesses were sold to the general public through an e-commerce website however | understood that some additional work to the design would be required in order to enable mass production of the harnesses to take place There was considerable media interest in the harness both in the UK and overseas and this resulted in the product being featured on a number of occasions on television, online and in print media
The company obtained funding from a number of different sources including investment from a number of private investors A major injection of capital came from one of the directors’ private pension fund in the sum of £67,000 However, despite the various capital investments made into the business, the cost of developing, manufacturing and marketing the harness product was higher than expected and the company was unable to manufacture sufficient voluine of the product or achieve sufficient sales and as a result the company was unable to capitalise on the investment that had been made into developing the product
| was approached by the managing director, Stephen Weston, in March 2013 for generat advice on the company’s options | was introduced to the company by Donald Mcintosh an interim Financial Director who had been approached by the company with a view to assisting with seeking investment into the company | met with Mr Weston on one occasion in March during which we discussed the company’s situation In general | was also invited to a meeting with Mr Weston and a group of potential investors in July 2013 At that stage, the company was pursuing a number of potential funding streams including debt finance, private investors and venture capital investors Whilst feedback about the product was generally favourable, none of the investors decided to proceed with making an investment in the business
Administrators' statement of proposals (2014-02-24) · Companies House register