Franklin EV Limited (09672645): administration
- Status
- Administration ended
- Administration began
- 2021-09-15
- Incorporated
- 2015-07-06
- Location
- Wilmslow
- Industry
- 35140 Trade of electricity
Why it went into administration
- Management failings / irregularities
- Funding withdrawn / unable to refinance
From the administrators' statement
Creditors should note that, unless otherwise stated, this section of our proposals has been prepared based on information provided to us by the directors of the Company and not from our personal knowledge as Administrators.
The company was incorporated in 2015 by Robert Byrne the founding director. It is our understanding that other directors became involved with the business and subsequently left and later Christopher Petch became involved as a director and shareholder.
The business required significant investment before any return would be seen and therefore the company was consistently insolvent on a balance sheet basis, however was supported by its investors who expected to make future returns once the business was established.
Administrators' statement of proposals (2021-11-25) · Companies House register