K-Safe Limited (09836874): administration
- Status
- Administration ended
- Administration began
- 2023-12-14
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2015-10-22
- Location
- Birmingham
- Industry
- 26400 Manufacture of consumer electronics
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company was incorporated in 2015, trading from Level One, Basecamp Liverpool, 49 Jamaica Street, Liverpool, L1 OAH. The business was funded, managed and run by three Directors for the first 5 years and then £150,000 seed investment was raised in April 2020 under the EIS scheme to help further develop the products that had been built during the first 5 years.
As the product was directly related to travel of individuals and to the use of vehicles in the commercial vehicle sector the impact of the Covid pandemic was significant and led to a delay in the projected sales to both sectors. It was hoped that the business would survive and subsequently prosper post pandemic and consequently, a bounce back loan of £50,000 was obtained for this specific purpose.
The Company developed safety software such as automatic crash detection for two-wheel road users such as cyclists or e-scooters. If a cyclist was involved in an incident, the Company's algorithm detected it and got help to that injured road user as quickly as possible. Starting as a business to consumer (“B2C”) proposition, the Company then moved its technology into business to business (B2B”) and business to business to consumer (“B2B2C”).
Administrators' statement of proposals (2024-01-02) · Companies House register