Remote Software Solutions Limited (07138032): administration
- Status
- Administration ended
- Administration began
- 2020-03-13
- Administrators
- Wayne Macpherson, Lloyd Christopher Biscoe
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2010-01-27
- Location
- Southend-on-Sea
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Loss of a key customer, supplier or contract
- Rising costs / inflation
- Property / lease costs
- Rising interest rates
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Loss-making contracts / project overruns
From the administrators' statement
The Company developed software for both business and domestic clientele following its incorporation on 27 January 2010.
The Company was achieving reasonable trading results when it acquired the entire share capital and ownership of both Anglia IT Services Limited in November 2017 for approximately £700,000 and ATB Computing Services Limited (‘ATB”) in December 2017 for approximately £500,000.
The Company was in the software business, which complemented the group companies acquired, that were in the IT managed services business. Both of the companies acquired appeared reasonably profitable from the accounting and other information obtained during the due diligence process undertaken prior to their acquisition, however, they were considered as being overvalued.
Administrators' statement of proposals (2020-05-19) · Companies House register