ETL Realisations 2024 Limited (09274045): administration
- Status
- Administration ended
- Administration began
- 2024-06-05
- Administrators
- Stephen Robert Leslie Cork, Anthony Malcolm Cork
- Administrators' firm
- Cork Gully
- Formerly
- Eigen Technologies Ltd; M-Squared Tech Limited
- Incorporated
- 2014-10-21
- Location
- London
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
The Joint Administrators understand from the management team that the following factors have contributed to the Company being placed into Administration:
— Despite the business being able to generate recurring revenue — previous accounts show that consolidated Group revenue for the financial year 2023 amounted to c. $10m — there were substantial costs involved in running and promoting/marketing the business both in the UK and US, which contributed to the negative cashflow of the Group;
— The market in which the business operates has seen increased competition over the last few years, eroding margins; and
Administrators' statement of proposals (2024-08-01) · Companies House register