Monorails and Satellites Limited (09291904): administration
- Status
- Administration ended
- Administration began
- 2023-12-28
- Administrators
- Steven Wiseglass
- Administrators' firm
- The Insolvency Practitioner of Inquesta
- Incorporated
- 2014-11-03
- Location
- Manchester
- Industry
- 47910 Retail sale via mail order houses or via Internet
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
From the administrators' statement
The Board of directors have provided information on the history of the Company and the events leading up to insolvency;
The Company was incorporated as Monorails and Satellites Limited on 3 November 2014. Following incorporation, the Company was dormant until 2020.
VinylBox was launched in 2020, with the directors having identified a gap in the market for vinyl record sales. The business was an e-commerce only business with 80%+ of revenue being recurring subscriptions.
Administrators' statement of proposals (2024-01-10) · Companies House register