Crowdmix Management Limited (09584454): administration
- Status
- Administration ended
- Administration began
- 2016-07-11
- Administrators
- Paul Steven Cooper, Paul Robert Appleton
- Administrators' firm
- FRP Advisory
- Incorporated
- 2015-05-11
- Location
- London
Why it went into administration
- Creditor pressure / legal action
- Property / lease costs
From the administrators' statement
By the end of May 2016, the business had accrued substantial trade habilities and given its lack of income, required further funding in order to satisfy its historic liabilities and ongoing working capital requirements The Group approached Candy to provide bridging finance pending an expectation of a significant equity raise In that regard, the Group had engaged an independent non-exclusive equity fund raiser to advise on investor relations and seek further investment.
Candy subsequently entered into a convertible loan note to provide funding of £1 45m and £750,000 was advanced to the Group on 10 June 2016. The remainder, mter alia, was dependent on legally binding commitments to subscribe to a minimum of £4m in aggregate for shares in Holdings.
Given 1ts position, Candy sought advice from David Rubin & Partners (“DRP”). Candy subsequently introduced the Director of the Company, Gareth Ingham, to DRP, and an initial meeting was held on 30 June 2016 at our offices. Edward Parsons, Director of Holdings, and also an employee at Candy, was present, together with Paul Jones, in-house legal advisor for the Group.
Administrators' statement of proposals (2016-09-29) · Companies House register