Novastone Media Ltd (07834025): administration
- Status
- Administration ended
- Administration began
- 2021-09-08
- Administrators
- Cameron Gunn, Paul Robert Appleton, Ben David Woodthorpe
- Administrators' firm
- ReSolve
- Formerly
- Shopchat Ltd
- Incorporated
- 2011-11-03
- Location
- London
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Bad debts / customer insolvency
From the administrators' statement
The Company began to experience financial difficulties as a result of being underfunded in an industry, which requires substantial investment to enable products to come to market.
Significant funding had been obtained from a mixture of Shareholders, Private Investors, and Directors, but development costs and delays meant that additional funding was required.
The Board made every attempt to secure additional funding from existing investors as well as new ones, but its financial position was ultimately, unattractive.
Administrators' statement of proposals (2021-09-30) · Companies House register