Ecoadapt Limited (06513220): administration
- Status
- Administration ended
- Administration began
- 2013-07-25
- Administrators' firm
- Harrisons Business Recovery and Insolvency
- Formerly
- ECO Sure Limited
- Incorporated
- 2008-02-25
- Location
- Reading
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Loss of a key customer, supplier or contract
From the administrators' statement
The Directors, Keith Berry (KB) and Zuzanna Berry (‘ZB’), have informed us that prior to the Company’s incorporation the two founders, KB and Adrian Foster-Fletcher CAFF’), had experience as an electrical engineer and salesman respectively. The Company was founded in February 2008, and began trading in April of the same year to take advantage of an opportunity the directors saw in the green technology market
The Company was founded as Ecosure Limited, and changed its name in April 2008 to Ecoadapt Limited, the name under which it has traded thereafter The Company traded as power optimisation unit suppliers and installers The Directors inform us that the Company’s main chents were mostly in the corporate, retail and leisure sectors
We are informed that initial funding for the Company was provided by the shareholders, and director’s loans of circa £200,000. The Company banked with Lloyds TSB, and operated an overdraft facility In December 2008 the Company entered into a factoring agreement with Bibby Financial Services Limited to improve cashflow This was later replaced in November 2012 by an agreement with Ultimate who secured their position with a debenture containing fixed and floating charges.
Administrators' statement of proposals (2013-09-24) · Companies House register