Onesixty Ltd (06610697): administration
- Status
- Administration ended
- Administration began
- 2015-05-29
- Administrators
- Ian Malcolm Donald Graham Cadlock, Garry Wallace Lock
- Administrators' firm
- Quantuma
- Incorporated
- 2008-06-04
- Location
- Brighton
- Industry
- 61200 Wireless telecommunications activities
Why it went into administration
- Property / lease costs
- Sustained trading losses
From the administrators' statement
The Company was incorporated in June 2008 with the purpose of offering branded and non-branded SMS solutions to blue chip companies The branded solutions were in effect text messages with the name of the blue chip company as the ‘from address’ of the message These service offered very little margin and consequently the Company needed to generate huge volume to generate a profit The director considered that the more profitable non-branded text messages provided for significantly greater margins by using large numbers of SIM cards and hardware in order to cope deliver necessary volume The Company's approach of using SIM cards and hardware to offer SMS at significantly lower prices than the market average ts not welcomed by service providers and the telecoms industry
Statutory accounts filed by the Company in 2011 and 2012 demonstrate trading losses were incurred and no financial records have been produced in respect of the remaining years leading up to the Administration
The director, Martin Pearse, has stated that the Company achieved SMS volume of 31m per month using 9,000 SIMs and was profitable in the periods 2013 and 2014 however this success was short lived In 2014 the director decided that the Company should take a stand at a trade show in Barcelona whereby it openly offered SMS at rates significantly below the market rate however this aggressive marketing to the telecoms industry backfired and the SIMs were effectively cancelled overnight without notice This had a catastrophic effect on the business whereby It was unable to provide the service to end customers Following the Barcelona show and with an ongoing commitment tn relation to SIM card costs the director's only option was to rebuild the Company's trading in order to meet those ongoing commitments tn order to return the Company to profitability
Administrators' statement of proposals (2015-07-28) · Companies House register