Reach Robotics Limited (08535823): administration
- Status
- Administration ended
- Administration began
- 2019-09-02
- Administrators
- Paul Ellison, David Ronald Taylor
- Administrators' firm
- KRE Corporate Recovery
- Incorporated
- 2013-05-20
- Location
- Reading
- Industry
- 71129 Other engineering activities
Why it went into administration
- Property / lease costs
From the administrators' statement
3.1 The directors advised that the Company had become insolvent as a result of a fall in turnover and consequently, the Company had accrued rent arrears and was receiving significant pressure from the landlord.
3.2 Heads of terms, subject to due diligence, had been agreed with an investor which would have resulted in a solvent sale of the business. The Company’s landlord was threatening to evict the Company for the arrears of rent which would have resulted in an end of this interest.
3.3. The director made a loan to the Company of £1,000 and was granted a debenture with a qualifying floating charge. This enabled the Company to file to Notice of Intention to Appoint Administrators giving the Company moratorium protection to conclude due diligence.
Administrators' statement of proposals (2019-10-31) · Companies House register