# Geonovo Limited (07377267)

> Why UK company 07377267 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/07377267

- **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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/07377267/filing-history/MzA5NTg4MjgxN2FkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/07377267

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.