# Novastone Media Ltd (07834025)

> Why UK company 07834025 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/07834025

- **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.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/07834025/filing-history/MzMxNDg2OTUxMmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/07834025

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.