Aframe Media Group Limited (07945167): administration
- Status
- Administration ended
- Administration began
- 2016-04-28
- Administrators
- Martha Hanora Thompson, William Matthew Humphries Tait
- Administrators' firm
- BDO
- Formerly
- Aframe Newco Limited
- Incorporated
- 2012-02-10
- Location
- Gatwick
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Competition / price pressure
- Funding withdrawn / unable to refinance
- Sustained trading losses
From the administrators' statement
ANGL is a holding company for two 100% owned subsidiaries being, AMSL (UK trading subsidiary) and ANAI (US trading subsidiary). The Group (“AMGL, AMSL and ANAI”} operated as a ‘software as a service’ (“SAAS”) provider to the film and wider media sector from leasehold premises in London, UK and Boston, USA.
The Group was founded by David Peto in 2009 to develop and exploit new software that creates a ‘cloud platform for video collaboration’. Its source of capital was from seed investors investing equity and debt, principally Octopus, via various funds.
The business was marginally revenue generating and it held customer contracts with wellknown blue chip customers in the UK and US, Group turnover of £753k was achieved in the financial year to 31 December 2015 (“FY15”) (£292k AMSL and £461k ANAI). However, the significant ongoing development and associated staff costs means that the Group was substantially loss making and forecast to remain so for a significant period in the absence of further funding investment to widen the customer base by repurposing the software. The Group made a combined loss in FY15 of £3.5m, being £2.87m AMSL and £0.6m ANAI. It was dependent upon further tranches of investment to meet its trading cash flow requirements.
Administrators' statement of proposals (2016-05-25) · Companies House register