FDN Ltd (07702700): administration
- Status
- Administration ended
- Administration began
- 2015-02-11
- Administrators
- Jeffrey Mark Brenner
- Administrators' firm
- B&C Associates
- Incorporated
- 2011-07-13
- Location
- London
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated on 13 July 2011 as a vehicle to purchase the business trade and assets of Freedom Digital Networks Limited, an IT infrastructure business for £12.000 This purchase was funded by Mark Lewis, the Director through personal funds The Director was an employee of the predecessor business at the time of the transaction and left its employment to concentrate on the new business venture Throughout his employment the Director had concentrated on tailoring the business products to the marine industry and beheved the business was not concentrating its efforts sufficiently to make most use of its niche expertise in the area specifically IT infrastructure to combat the increasing threat of piracy to businesses transporting high-worth goods through high risk
areas
If the business was to be successful in tailoring its product to the marine market additional funding was to be required As a result, the Director sold 25% of his shareholding in the Company to an investor Jonathan Simpson in return for an investment of £70,000 It was not intended that Mr Simpson would take an active role in the running of the business
Administrators' statement of proposals (2015-03-24) · Companies House register