Geonovo Limited (07377267): administration
- Status
- Administration ended
- Administration began
- 2014-01-24
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2010-09-15
- Location
- Manchester
- Industry
- 61200 Wireless telecommunications activities
Why it went into administration
- Competition / price pressure
- Cash flow / liquidity pressure
- Sustained trading losses
From the administrators' statement
The Company was incorporated in September 2010 and began trading following the purchase of the business and assets of Romad Lid - In Administration (“Romad’*) The previous insolvency was administered by Baker Tilly The directors since incorporation have been Mr Lawne George, Mr Peter Lusty, Mr David Mason and Mr William Moore The majonty shareholder is Mr Neil McArthur who holds 96 2% of the shares
Romad focused on the research and development (and limited commercial launch) of a mobile tracking and assistance unit, for use by fone workers It is understood that Mr Neil McArthur had been a major investor in Romad and when the shareholders reyected requests for further investment, the Company purchased the business and assets of Romad
The Company has been funded by way of loans from Mr Neil McArthur, totalling c£1 8m, who holds secunty by way of a mortgage debenture, incorporating a fixed and floating charge, over the Company assets and created on 17 September 2010
Administrators' statement of proposals (2014-03-07) · Companies House register