Fortitude Capital Ltd (08446080): administration
- Status
- Administration ended
- Administration began
- 2020-06-30
- Administrators
- Alex David Cadwallader, Neil A Bennett
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2013-03-15
- Location
- London
- Industry
- 64991 Security dealing on own account
Why it went into administration
- COVID-19
- Cash flow / liquidity pressure
From the administrators' statement
We have received little information on the historical background of the Company. The Company was incorporated on 15 March 2013.
We understand that the Company used virtual offices at 1 Knightsbridge Green, Knightsbridge, London SW1X 7NE, utilising meeting rooms on an ad hoc basis. Although the Company’s website mentions a trading premises at Rijfstraat 2-4, 2018 Antwerp, Belgium but we understand that these premises have not been occupied for some time. The principal trading activity of the Company was foreign exchange trading.
Information provided by the Company to bondholders provided that following the fall in the value of the pound and the extreme market volatility resulting from the Covid-19 pandemic in March 2020, the algorithm that the Company used for its forex trading failed and the value of the Company's investments fell significantly meaning that they would realise losses if they sold the positions. This left the Company with insufficient working capital to meet the interest payments that fell due to bondholders on 6 April 2020.
Administrators' statement of proposals (2020-08-18) · Companies House register