Abaka Holdings Limited (09943429): administration
- Status
- Administration ended
- Administration began
- 2023-12-29
- Administrators
- Allister Manson, Trevor John Binyon
- Administrators' firm
- Opus Restructuring
- Formerly
- Arrow Central Ltd
- Incorporated
- 2016-01-11
- Location
- Milton Keynes
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Regulatory change or action
- Funding withdrawn / unable to refinance
- Loss of a key customer, supplier or contract
From the administrators' statement
In February 2023, the Company was raising its next funding round from venture capital firms and private investors when one of its major clients announced that it was pulling out of the pensions market.
Ultimately, this led to the funding round failing. At the same time, TPP indicated that they wanted to acquire a perpetual licence to the Company’s software; however, on 20 July 2023, TPP confirmed that they were pulling out of the deal, without proper explanation. The loss of what amounted to £865k of annual revenue led to the Company seeking immediate advice regarding its viability.
The main assets of the Company are:
Administrators' statement of proposals (2024-01-30) · Companies House register