Asset Mapping Limited (08101801): administration
- Status
- Administration ended
- Administration began
- 2019-04-18
- Formerly
- Secure Earth Ltd
- Incorporated
- 2012-06-12
- Location
- London
- Industry
- 74100 specialised design activities
From the administrators' statement
Asset Mapping Limited (“The Company”) was incorporated in 2012 and was run part time for the first three years. It then won an innovate project and started to develop the first platform. This development continued with a small team, but in late 2015 / early 2016 the Company picked up a contract with its first big customer. This helped the team grow and enabled development to increase. In early 2016 the Company also won another innovate project, CityVerve, which helped further the development of the business. This project was a two-year project in Manchester that was predicted to generate just over £400,000 of revenue.
In late 2016 the first customer tried an aggressive takeover of the business after being informed by the then CEO that they were the Company's only real paying customer. At this point in time the directors were seeking other funding and were introduced to London Power Corporation Limited (“LPC”), through a family connection of the then CEO. LPC agreed to fund the Company and assist in grow the development to increase sales and marketing.
Revenues continued to grow between 2015 and 2017, however costs always outweighed revenues. Small POC's started to be won and some significant customers started to come onboard, however, developing these customers proved harder than expected without sufficient working capital being made available. The year closed out at £231,000 in revenues.
Administrators' statement of proposals (2019-06-12) · Companies House register