# Pelucid Limited (07504062)

> Why UK company 07504062 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/07504062

- **Status:** Administration ended
- **Administration began:** 2023-03-24
- **Administrators:** Christine Bartlett, Nigel Heath Sinclair
- **Administrators' firm:** RBW Restructuring
- **Formerly:** Startup Intelligence Ltd
- **Incorporated:** 2011-01-24
- **Location:** Hertford
- **Industry:** 63990 Other information service activities n.e.c.

## Why it went into administration

- COVID-19
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure

## From the administrators' statement

3.1 The directors advised that the Company became insolvent due to their business model pivoting significantly. They effectively started again as they switched from a telemarketing approach, which was adversely affected by Covid, to an Al targeted marketing business. The Company was carrying significant debt as a result of Covid and the change in business.

3.2 It was apparent that the Company required funding above the level available to it and neither the Company nor its investors were in a position to advance the necessary funding in order to meet its March salaries due on 27 March 2023.

3.3. A review of the Company's cash-flow revealed that there would be insufficient working capital available to allow the Company to continue to trade in the medium term in order for a purchaser to be found. The directors sought refinancing options during January and February and offers were received from two parties. Unfortunately, these both fell away. Late in February a revised potential offer was received from an existing shareholder and a charge holder however terms could not be agreed that were acceptable to the parties and this too fell away leaving the directors with little choice but to consider their options.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/07504062/filing-history/MzM5NzUwMzQ0NWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/07504062

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