Bvser Realisations 2020 Ltd. (09804141): administration
- Status
- Administration ended
- Administration began
- 2019-11-07
- Administrators' firm
- ReSolve
- Formerly
- Brickvest Services Ltd
- Incorporated
- 2015-10-01
- Location
- London
- Industry
- 66190 Activities auxiliary to financial intermediation n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Parent or group failure
From the administrators' statement
As is common for tech start-ups, the Group’s operations depended on the raising of investment finance. Initial funding enabled BVL’s statement of capital to rise from £20,000 in November 2014 to approximately £2.1 million by the end of 2016.
In 2017 and 2018, the Group received substantial investment from a financial institution via a subscription for shares in BVL.
Separately, on 28 September 2018 and in order to provide BVL with necessary liquidity, BVL issued convertible loan notes to investors in the aggregate sum of £1 million, which bore a right to convert on 30 September 2019 (failing which, they would become repayable on demanq).
Administrators' statement of proposals (2020-01-07) · Companies House register