Solutions In Steel Limited (06909459): administration
- Status
- Administration ended
- Administration began
- 2019-08-09
- Administrators
- Cameron Gunn, Simon Jagger, Ben David Woodthorpe
- Administrators' firm
- ReSolve
- Incorporated
- 2009-05-19
- Location
- London
- Industry
- 24520 Casting of steel
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
For the years ending 31 December 2016 (statutory) and 31 December 2017 (draft), the Group generated revenues totalling £13.1 million and £11.8 million, respectively. Profits of circa £0.5m were generated in 2016, however, for the year ended 31 December 2017, the Group made a loss of circa £7.4 million.
Management considered it had made significant inroads and become a disrupter to the digital OOH advertising industry. It considered the potential for the business was vast, but further investment would be required to restructure the balance sheet, fund losses, acquire further sites and build more digital signage structures and screens. Accordingly, management sought external investment.
The Group successfully secured initial investment from SHK in February 2018 but soon afterwards the Group determined that an additional £10 million would be required to expand operations, with several parties showing an interest in funding the Group. A further £1 million was invested by Group CEO, Simon Grice and SHK, equally, but this was not considered sufficient.
Administrators' statement of proposals (2019-09-20) · Companies House register