Tinizine Limited (09218957): administration
- Status
- Administration ended
- Administration began
- 2024-08-23
- Administrators
- Allister Manson, Franklyn Ofonagoro
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2014-09-15
- Location
- Milton Keynes
- Industry
- 63120 Web portals
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Property / lease costs
- Rising interest rates
From the administrators' statement
The directors have advised that the Company had become insolvent due to the following factors:
With interest rates rising steadily from early 2022 and the fundraising environment for growth companies deteriorating, management made the strategic decision to terminate multiple growth projects and commence a systematic restructuring of the business. This work started in Q2 2022 and included reducing headcount significantly (particularly, in the UK, where it is easier legally and financially to make changes than in Germany).
In Q4 2022, the Board decided to explore a sale of all or part of the business, believing that this was in the best interests of all creditors and shareholders. Solano Partners was appointed to manage the process. This decision was communicated to all major creditors and shareholders. The sale process began in 2023; multiple indicative offers were received in 2023 and early 2024, but none of them were concluded successfully.
Administrators' statement of proposals (2024-10-19) · Companies House register