Auden Group Limited (08649153): administration
- Status
- Administration ended
- Administration began
- 2023-03-23
- Administrators
- Geoffrey Paul Rowley, Daniel Conway
- Administrators' firm
- FRP Advisory
- Formerly
- Uberima Limited
- Incorporated
- 2013-08-13
- Location
- London
- Industry
- 64929 Other credit granting n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Parent or group failure
From the administrators' statement
The Company was incorporated in August 2013 and operated as a high cost, shortterm lender providing loans to individuals of between £200 and £1,000 for up to a 12 month term.
The Company traded from its registered office at 6th Floor Bonded Warehouse, Lower Byrom Street, Manchester, England, M3 4AP and had grown to a workforce of 138 employees prior to the administration. The Company was initially funded by a variety of shareholders. Then, following an investment in 2019, Debt Investment Opportunities IV Designated Activity Company, an investment manager of GLAS, became the majority shareholder.
The Company has been loss making since inception with these losses increasing year on year being funded through shareholder capital and loans. For the year ended 30 September 2021, the Company achieved turnover of £15,164 with a loss for that financial year of £19,701,230, per its unabbreviated accounts. The Company was highly reliant on the support of GLAS, the secured creditor, whose indebtedness is £22,805,309. GLAS’s indebtedness is secured by two debentures registered over the Company's fixed and floating assets.
Administrators' statement of proposals (2023-05-23) · Companies House register