Tangentix Limited (06882348): administration
- Status
- Administration ended
- Administration began
- 2019-10-01
- Administrators
- Paul W Barber, Paul Stanley
- Administrators' firm
- Begbies Traynor
- Formerly
- L&P 219 Limited
- Incorporated
- 2009-04-20
- Location
- Manchester
- Industry
- 62012 Business and domestic software development
From the administrators' statement
Prior to the administration the Company developed software on which computer games could be purchased online, downloaded and played. Despite limited sales, the platform was still under development. In order to completely finish this the Company required additional funding for Research and Development. The shareholders and investors were approached with a request for further funds; however, none were willing to invest any further, citing the large amounts that had already been invested. The directors shifted their focus to main stream and other forms of lending in an attempt to raise the required funds; however, none were willing to lend against an unfinished and largely unproven product.
Subsequently, the directors made attempts to sell the business and entered into negotiations with a number of interested parties.
The Company operated from leased premises in Sheffield and employed 18 members of staff, including Directors.
Administrators' statement of proposals (2019-11-20) · Companies House register