Myhomegroup Ltd (08550302): administration
- Status
- Administration ended
- Administration began
- 2020-04-17
- Administrators
- Sandra Lillian Mundy, Thomas Charles Russell
- Administrators' firm
- Strategy Partners
- Incorporated
- 2013-05-30
- Location
- Hammersmith
- Industry
- 68310 Real estate agencies
Why it went into administration
- Sustained trading losses
From the administrators' statement
The Company was incorporated in May 2013 and operated as part of a group comprising of the Company and its subsidiaries Managemyhome.co.uk Limited, RentMyHome.co.uk Limited and SelimyHome.co.uk Limited. (‘the Group”). The Group offered services including an online estate agency, residential lettings and property management services. It employed 11 staff from its London office.
The Group was in its early stages of development and had been focusing on developing its |.T. capability. It was therefore at an early stage of revenue generation and was loss making with losses principally funded by shareholder investment totalling some £3.9m. The Company required further funding to continue to develop its offering and to also fund working capital whilst the business grew, despite the directors’ efforts to secure additional funding this was not available.
The board approached James Cowper Kreston in early January 2020 to discuss various options available to the Group. The board decided that absent additional funding the best outcome would be to seek a buyer for the Company or its assets and James Cowper Kreston was engaged on 15 January 2020 to assist with this process by undertaking a marketing campaign utilising experience of the industry from a previous assignment. The board asked that the marketing campaign be delayed a short time until the February 2020 financial results were known.
Administrators' statement of proposals (2020-05-20) · Companies House register