4 Earth Intelligence Limited (09462557): administration
- Status
- Administration ended
- Administration began
- 2022-09-02
- Administrators
- Glyn Mummery, Julie Humphrey
- Administrators' firm
- FRP Advisory
- Formerly
- Tcarta Limited; Proteus GEO Limited
- Incorporated
- 2015-02-27
- Location
- Brentwood
- Industry
- 74909 Other professional, scientific and technical activities n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- HMRC / tax arrears
From the administrators' statement
Established in 2015 the Company operated in the satellite-based Earth Observation industry. Earth Observation technology captures and stores information from satellites relating to physical, biological and chemical compositions of the Earth for monitoring, surveillance and decision-making in various vertical markets, such as defense and _ intelligence, infrastructure and engineering, natural resource management, energy and power, and disaster management. It operated in the UK and UAE.
4EI has a director team of 5 (comprising 4 executive employed directors and a single independent non-executive director) and 2 shareholders, from the executive team, owning 80% and 20% respectively.
Prior to the Covid-19 pandemic the Company was profitable and carried no external debt. The business had embarked on a growth plan seeking areas for recurring revenue opportunities, rather than a continued sole focus on project assignments. Recognising that new external investment was required the Company developed the necessary materials to support an investment round for c£3.5m. Whilst interest from venture capitalists was forthcoming, including a term-sheet, the activity coincided with the widespread lockdown and subsequent slowdown of the corporate finance markets.
Administrators' statement of proposals (2022-10-24) · Companies House register