Campaignflo Ltd (08335793): administration
- Status
- Administration ended
- Administration began
- 2013-12-03
- Administrators
- James Richard Tickell, Carl Derek Faulds
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2012-12-18
- Location
- Sagensworth Fareham
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The company was incorporated in December 2012 with a view to developing an application for deploying and managing outdoor media campaigns Initial funding was provided by three external investors and unpaid services provided by its two founder director/ shareholders The company did not have any employees, instead it subcontracted directly with a number of individual developers
Over the last year, the company has worked on developing the application It has yet to reach a stage where tt can be used commercially and generate revenue Statutory accounts are not yet due and have thus yet to be prepared Recent management accounts show that the company incurred an average monthly outflow of about £20k in terms of losses and development expenditure
By the summer, Mr Neu, the director, recognised that the company would be exhausting its initial funding and would need a second stage He sought new finance from existing and new shareholders Uitimately, a conditional offer was received from a group of new potential investors that would introduce £500k into the company, sufficient to enable the company's development to continue This offer required that all existing shareholders should agree to a dilution of their shareholding, which regrettably Mr Nell} was unable to agree with one minority shareholder
Administrators' statement of proposals (2013-12-23) · Companies House register