Bamboo Systems Group Limited (09800355): administration
- Status
- Administration ended
- Administration began
- 2021-11-16
- Administrators
- Benjamin John Wiles, Geoffrey Wayne Bouchier
- Administrators' firm
- Kroll
- Formerly
- Kaleao Limited
- Incorporated
- 2015-09-29
- Location
- London
- Industry
- 26200 Manufacture of computers and peripheral equipment
Why it went into administration
- Funding withdrawn / unable to refinance
- HMRC / tax arrears
- Property / lease costs
From the administrators' statement
The Company has raised investment from shareholders over the past six years which has been used to fund the development of arm servers and the net-zero server solution, as well as meeting the ongoing operating costs of the business. This included securing $6.8m of funding in June 2020 in the form of convertible loan notes.
As part of its ongoing strategy to continue to develop the business, the Company intended to undertake further rounds of funding in Q1 2022 in the region of £10-15m. However, in the meantime, the
Company required bridging finance of £1.2m during Q3 2021, which it sought from its existing
Administrators' statement of proposals (2022-01-09) · Companies House register