# ETL Realisations 2024 Limited (09274045)

> Why UK company 09274045 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/09274045

- **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- Funding withdrawn / unable to refinance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

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/09274045/filing-history/MzQzMDQyNzcxNmFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/09274045

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.