Cambridge Nanotherm Ltd (07437742): administration
- Status
- Administration ended
- Administration began
- 2019-08-12
- Administrators' firm
- Evelyn Partners
- Incorporated
- 2010-11-11
- Location
- London
- Industry
- 72190 Other research and experimental development on natural sciences and engineering
Why it went into administration
- Supply chain disruption
- Creditor pressure / legal action
From the administrators' statement
The Company, which was incorporated on 11 November 2010, manufactured high performance electronic grade substrates, operating primarily in the UK and throughout Europe. The business was formed to commercially exploit a surface treatment process of metals into electronic grade ceramic. Involved in manufacturing semiconductor packaging and thermal substrates for the electronics market, the Company was a supplier to blue chip companies in the automotive, industrial and power markets.
The Company was concentrating on developing technology to gain ground in the thermal management systems (“TMS”) market, which was anticipated to grow by up to 40% by 2026 and the Company was looking to supply this technology principally to the automotive battery market, where TMS are a key driver.
From 2018 onwards, the Company had sought investment to finance their research and development (R&D) operations and by early 2019 had unsecured lending of c.£1.9m from their majority shareholder. in addition, the Company had entered into a secured loan agreement of c.£600k from a distributor in their supply chain. The Company has operated at a loss for the last two financial years. By the second quarter of 2019, due to the anticipation of the future potential of the TMS technology, the Company required and sought additional funding (of circa £250k) to meet ongoing liabilities for the following six months.
Administrators' statement of proposals (2019-10-10) · Companies House register