Ridee Ltd (08347583): administration
- Status
- Administration ended
- Administration began
- 2017-10-19
- Administrators
- Simon Robert Thomas, Tom Straw
- Administrators' firm
- Moorfields
- Incorporated
- 2013-01-04
- Location
- London
- Industry
- 53202 Unlicensed carriers
Why it went into administration
- Competition / price pressure
From the administrators' statement
The Company operated in a fast growing and competitive market place tn the UK with substantial costs of entry including heavy investment into the online platform technology and its brand;
In May 2017, the Company had entered into a Subscription Agreement with its investors to secure additional funding to meet its cash flow requirements which included funding of approximately £1.8m over three tranche payments from the Secured Creditor;
The Company's cash flow position deteriorated and as a result the Company made staff redundancies and ciosed in the following locations; Birmingham, Leeds, Glasgow and Manchester while remaining operational in London;
Administrators' statement of proposals (2018-01-06) · Companies House register