HUB Realisations Limited (09727464): administration
- Status
- In administration
- Administration began
- 2024-12-23
- Administrators
- Christopher Robert Pole, Ryan Kevin Grant
- Administrators' firm
- Interpath Advisory
- Formerly
- Huboo Technologies Limited
- Incorporated
- 2015-08-11
- Location
- Birmingham
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Cash flow / liquidity pressure
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
Since its incorporation in 2019, the Company has never generated a positive EBITDA despite significant revenue growth, achieving £40 million of sales in FY24. The Company had received significant investment, including c.£118 million of equity, £22.6 million of secured debt and an invoice discounting facility drawn to approximately £1.8 million as at the end of November 2024.
The Company identified further liquidity issues in October 2024, with a potential funding requirement of up to £6 million. Interpath was formally engaged on 8 November 2024 to advise on the options available to the Company and to run an accelerated process to explore the sale, investment, and restructuring options available. The Company also engaged Atalla Capital Management Limited (“Atalla”) to work alongside Interpath to explore strategic sale options. Following an initial offer deadline of 3 December 2024, no deliverable offers from financial or strategic parties were received. However, parallel discussions with the existing shareholders led to a consortium offer for additional funding of £6 million to allow the Company to restructure the business via a CVA. Interpath and the Company commenced detailed CVA feasibility analysis and extensive consultation with secured and key creditors. However, on 12 December 2024, the lead investor confirmed it was unable to proceed with any further funding.
Without this additional funding, creditor and cash pressures in the business continued to increase and the Company was unable to meet December payroll of £1.2 million from existing facilities. Due to the limited cash runway and absence of alternative options, Interpath recommenced a rapid accelerated sales process on 12 December 2024 and several interested parties were approached.
Administrators' statement of proposals (2025-01-14) · Companies House register