# GL Realisations (2014) Limited (07892801)

> Why UK company 07892801 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/07892801

- **Status:** Administration ended
- **Administration began:** 2014-06-12
- **Administrators' firm:** FRP Advisory
- **Formerly:** Giftlab Limited; Mensola Co 118 Limited
- **Incorporated:** 2011-12-28
- **Location:** London
- **Industry:** 82990 Other business support service activities n.e.c.

## Why it went into administration

- Sustained trading losses

## From the administrators' statement

21 The Company was incorporated on 28 December 2011 and commenced trade shortly thereafter as an online retailer of luxury giftwear. The Company operated from premises at Grosvenor Crescent Mews, London, which were leased by a company with a common director, Couturelab Limited (*Couturelab").

22 As per the summarised account extracts included in Appendix A, the Company's trading was loss making and primarily funded by way of unsecured loans from both tts sole shareholder, Giftlab Inc , and tts sole director, Carmen Busquets The amounts outstanding to each as per the statement of affairs (Append F) are £2,800,428 and £629,000 respectively. Giftlab Inc. is an USA company, with several shareholders (the largest of which is Carmen Busquets) and an investment vehicle for the shareholding in the Company

23 During 2013 the Company entered talks with a business situated in the USA regarding a merger with a view to growing UK revenues and accessing the American market. After protracted negotiations the Company was unable to agree mutually acceptable terms and discussions were discontinued As part of the due diligence exercise related to these discussions, deficiencies in the Company's records and controls for dealing with

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/07892801/filing-history/MzEwNTIxNTQ2NGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/07892801

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