Utilatas Limited (07593115): administration
- Status
- Administration ended
- Administration began
- 2018-10-25
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2011-04-06
- Location
- Salisbury
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- HMRC / tax arrears
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 06 April 2011 for the purpose of supplying energy and carbon management services to businesses and organisations in the UK. The Company's board of directors had previous experience in mechanical engineering, electronics and operations and members of the board had also acted as directors of Utility Monitoring Limited (“Utility”) from June 2009, the business of which was subsequently hived up to the Company. The reason for the hiving up of the business was that the board of directors felt that the name “Utility Monitoring” was not generic enough and that it limited the perception of prospective customers of the services that were offered.
At the time of incorporation, and after extensive research, it was found that there were np companies that provided all the necessary elements in order to provide a full energy management service and that the existing suppliers either solely supplied energy software or hardware metering and monitoring equipment.
Each of the Company's three directors initially invested £20,000.00 in Utility. Over the course of trading further loans were made to the business by the Company's remaining director and shareholder, David Stretch In addition to this, Mr Stretch provided a further loan to the Company of £30,000 00 in 2018. The Company also had two invoice finance facilites, one with Bibby Financial Services LTD (‘Bibby’) and the other with RBS Invoice Finance Limited (“RBS”). However these arrangements have since terminated and it is understood that there are no monies outstanding to either Bibby or RBS.
Administrators' statement of proposals (2019-01-09) · Companies House register