Starleaf Ltd (06621599): administration
- Status
- Administration ended
- Administration began
- 2022-06-01
- Administrators
- Benjamin John Wiles, Philip Joseph Dakin
- Administrators' firm
- Kroll
- Incorporated
- 2008-06-17
- Location
- London
- Industry
- 26309 Manufacture of communication equipment other than telegraph, and telephone apparatus and equipment
Why it went into administration
- COVID-19
- Over-expansion / investment not recovered
- Competition / price pressure
From the administrators' statement
The onset of the COVID-19 pandemic in 2020 resulted in a number of global competitors emerging, who predominately use cloud-based servers to provide their service, allowing for rapid expansion and growth.
As a result, and in combination with other factors, the Company's revenues reduced from USD $30m in FY19 to $14m in FY21 and worsened even further in FY22.
In March 2022, Kroll was engaged, and an accelerated marketing process was commenced, as an alternative means of rescuing the business prior to any Administration. Despite some initial interest, no suitable offers had been received by the deadline, and the Company was subsequently placed into Administration.
Administrators' statement of proposals (2022-08-03) · Companies House register