Wileyfox Europe Limited (07648053): administration
- Status
- Administration ended
- Administration began
- 2018-02-05
- Administrators' firm
- Quantuma
- Formerly
- Toughshield (UK) Limited; C-Mii Limited
- Incorporated
- 2011-05-26
- Location
- Marlow
- Industry
- 46520 Wholesale of electronic and telecommunications equipment and parts
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
3.1 As stated above, the company traded upon the finance provided by its bankers and with on-going investment/support from associated group companies. The collapse of the Company’s bankers left a funding gap that could not be covered in the short term.
3 2 To provide short-term support £200,000 was leant to the company by Wileyfox DMCC (a Dubai Based associated company) This final sum was only advanced because security by way of a fixed and floating Debenture was granted by Wileyfox Europe Limited. This money was used to pay wages/suppliers while the directors discussed their options with the proposed Administrators.
3.3 The initial hope was that the company could trade through Administration and be sold as agoing concern However, it became apparent to the Administrators that this would not be possible and the business was closed on day one of the Administration and all staff were made redundant.
Administrators' statement of proposals (2018-04-12) · Companies House register