Phoenix Managed Networks Limited (07142761): administration
- Status
- Administration ended
- Administration began
- 2015-01-28
- Administrators
- Robert David Adamson, Patrick Alexander Lannagan
- Administrators' firm
- Mazars
- Formerly
- Phoenix Managed Network Limited
- Incorporated
- 2010-02-02
- Location
- Leeds
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
The Company was incorporated in February 2010 with a view to providing network facilities to retailers and banks who use credit card facilities The main source of work related to telecommunications, where the Company arranged the link between the retailer and the credit card operator
The Company did not properly begin trading until 2012, as due to the nature of the technology used by the Company, a large amount of product testing was required prior to the equipment being made available to the market During the first year, there was minimal activity in the Company and in 2011 the Company incurred costs in purchasing stock and the relevant hardware and software under a non-exclusive distributor agreement with Mako Services Limited
This meant that the Company did not generate any revenue until 2012, although purchases were still required to ensure that the products could be tested One of the key elements to the business related to the Company’s networks “talking” to the Company’s American parent company’s (Phoenix Managed Networks LLC (“Phoenix LLC”)) network The Company acted as the UK arm of the Phoemx LLC group and was a 100% subsidiary of Phoenix LLC, who own 1,000 Ordinary £1 shares in the Company As a consequence, Phoenix LLC was keen to support the Company and provided the funding, as well as the back office support, which was vital in the years where there were no sales
Administrators' statement of proposals (2015-03-05) · Companies House register