Innovation of Things Ltd (09810242): administration
- Status
- Administration ended
- Administration began
- 2020-01-02
- Administrators
- David Frederick Wilson
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2015-10-05
- Location
- Leeds
- Industry
- 62020 Information technology consultancy activities
Why it went into administration
- Funding withdrawn / unable to refinance
- Competition / price pressure
From the administrators' statement
ISL (“the company”) was incorporated in June 2010 by Carl Howarth (Technical Director) (“CH”) and Robert Dumbell! (Managing Director) (“RD”) as a software consultancy business, building enterprise applications and content management systems for a variety of clients.
The business grew steadily over its first three years, trading stably and taking advantage of its niche specialism in telematics and big data, gaining clients in this area as well as beginning to invest in some of its own flagship products.
In 2013, the company appointed Paul Wood as Non-executive Chairman (“NEC”) to assist with business strategy. In 2014, Wayne Gilbert (“WG”) was appointed as Non-executive Director (“NED”) and Consultant Chief Technology Officer (“CTO”), to provide strategic technical direction with a view to create meaningful Intellectual Property in order to position the business for growth. A seed investment (debt and equity) was taken in 2014 with a view to provide a catalyst for further growth and allow the products to be taken to market.
Administrators' statement of proposals (2020-03-02) · Companies House register