IG Interchange Group Ltd (07597518): administration
- Status
- Administration ended
- Administration began
- 2015-04-01
- Formerly
- Interchange Global Limited
- Incorporated
- 2011-04-08
- Location
- Sutton
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Cash flow / liquidity pressure
- Loss of a key customer, supplier or contract
- Sustained trading losses
From the administrators' statement
The company has ongoing recurring contract work of circa £700,000 per annum and “ad hoc” work of circa £300,000 per annum, however, due to the decline in turnover the company was suffering from cash flow difficultes and reached the point whereby it was unable to pay its liabilities as they fall due
The directors attribute the failure of the company to -
(a) Loss of Chesterfield contract for CSC (b) Loss of development work for Blackberry (c) Development costs of products not taken up
Administrators' statement of proposals (2015-05-13) · Companies House register