Wefarm Limited (09413259): administration
- Status
- Administration ended
- Administration began
- 2022-08-16
- Administrators
- Benjamin John Wiles, Geoffrey Wayne Bouchier
- Administrators' firm
- Kroll
- Incorporated
- 2015-01-29
- Location
- London
- Industry
- 61900 Other telecommunications activities
Why it went into administration
- Sustained trading losses
From the administrators' statement
• Towards the end of 2021, the Directors were aware that the Company would have deficient cashflow on or around 1 September 2022 and would therefore need to raise additional capital investment to fund the next stage of App development and ongoing expenses. Following unsuccessful attempts to raise further funding in 2022, the Company engaged Kroll to review the Company’s short-term cash flow forecast, assess the options available to the Company and commence an accelerated marketing process to attempt to find investors or a purchaser for the Company and/or business and assets.
e = Kroll initially commenced a marketing process for the Company on 19 July 2022 with only one offer being received from the Purchaser on 25 July 2022. Due to the Purchaser's relationship with the Company, the Sale Transaction requires the approval of the creditors of the Company and, accordingly, the completion date for the Sale Transaction has been postponed in order to allow for the necessary decision procedure to be convened by the Joint Administrators.
Sale of Certain Assets
Administrators' statement of proposals (2022-10-06) · Companies House register