# Ridee Ltd (08347583)

> Why UK company 08347583 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/08347583

- **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;

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/08347583/filing-history/MzE5NDY1MDU4OGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/08347583

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