# Project Exhaust Limited (08077623)

> Why UK company 08077623 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/08077623

- **Status:** Administration ended
- **Administration began:** 2017-01-16
- **Administrators:** Gary Paul Shankland, Irvin Milton Cohen
- **Administrators' firm:** Begbies Traynor
- **Formerly:** Zenos Cars Limited; Niche Vehicle Services Limited
- **Incorporated:** 2012-05-22
- **Location:** London
- **Industry:** 29100 Manufacture of motor vehicles

## Why it went into administration

- Creditor pressure / legal action
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Sustained trading losses

## From the administrators' statement

Zenos is a manufacturer of hand built, lightweight, high performance, niche sports cars Established in May 2012, the Company spent circa £4M in research and development, market development and tooling costs culminating in three established models Accumulated trading losses to November 2016 amounted to £2 6M

-3Our first involvement in this matter was when our firm, Begbies Traynor (London) LLP (“Begbies"), was approached by the Company's directors to provide advice on the Company's financial position and options available to the Company This was initially at a telephone conference call on 24 November 2016 attended by the Company's board of directors (‘the Board”), representatives of the principal secured creditors, Oakley Capital Limited (“Oakley”) and Pembroke VCT PLC (“Pembroke”), and solicitors, Druces LLP (“Druces”), acting for the Board/the Company (together “the Parties”)

At that juncture, we established that as a result of the cancellation of a number of orders for vehicles, the Company had been suffering cash flow difficulties. Moreover, tt was experiencing severe creditor pressure, including the threat of legal proceedings for recovery of debts. Based upon projections prepared by the principal director, Mark Edwards, the Company required a substantial injection of funds, circa £1 5M, to meet Its immediate and future working capital requirements Our initial assessment was that in the circumstances, in the absence of further funding, the Company was insolvent or likely to become insolvent and we recommended the Board should take steps to mitigate any further losses to creditors either by appointing administrators or placing the Company into liquidation

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/08077623/filing-history/MzE3MTQ4Mjg4N2FkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/08077623

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