Hanx Limited (09886928): administration
- Status
- In administration
- Administration began
- 2026-02-12
- Administrators
- Mark Siddall, Bradley Parrott
- Administrators' firm
- Opus Restructuring
- Incorporated
- 2015-11-24
- Location
- Milton Keynes
- Industry
- 32990 Other manufacturing n.e.c.
Why it went into administration
- Creditor pressure / legal action
- Cash flow / liquidity pressure
- Sustained trading losses
- Loss of key people
From the administrators' statement
Following a period of sustained loss making, which has been funded by several rounds of investment from the shareholders, the Company tried to obtain further investment during Q1 and Q2 of 2025 but was unsuccessful due to the forecast losses and failure to hit key milestone
targets during that period. In tandem with the funding round, the Company was also exploring the possibility of a sale of its shares and held discussions with several interested parties.
In light of the unsuccessful funding request, the directors sought advice on the financial position of the Company and in August 2025, Opus Restructuring LLP was engaged to undertake a solvency review. This review concluded that the Company had a solvent balance sheet with net assets of £220k however, based on a review of the cash flow forecast provided at this time, the Company would have become unable to pay its debts as and when they fell due in November/December 2025. There was no prospect of this returning to a positive position due to the level of forecast losses as the directors had confirmed that no further funds were to be introduced to the Company from the shareholders which could have met the forecast shortfalls.
Administrators' statement of proposals (2026-04-15) · Companies House register