Cover-U Ltd (07609870): administration
- Status
- Administration ended
- Administration began
- 2014-09-10
- Administrators
- Geoffrey Paul Rowley, Jason Daniel Baker
- Administrators' firm
- FRP Advisory
- Incorporated
- 2011-04-19
- Location
- London
- Industry
- 66290 Other activities auxiliary to insurance and pension funding
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated in April 2011 and specialised in the provision of consumer insurance products sold mainly to retail customers through a white labelled online web portal. The business had a number of relationships with both direct insurers and multiple product line insurers and looked to sell tts products to consumers through the medium of e-mail, SMS messages and some telephone call centre communications.
CUL received funding through a working capital facility from CV Cinque Limited (“CV Cinque”), an investment fund who were also the majority shareholder Details regarding the security granted to CV Cinque in relation to the funding are given in section 9 of this report
The majority of the Company’s expected sales were to arise from insurance policies being sold through the websites of various football clubs. Contracts were signed with Celtic Football Club and Derby County Football Club, however few policies were sold The Company failed to meet its budgetary forecasts due to the length of time taken to finalise these agreements with customers The Company’‘s management accounts for the 12 months to Apri! 2014 showed a net loss of £405k.
Administrators' statement of proposals (2014-11-06) · Companies House register