LT Realisations 2023 Limited (10056048): administration
- Status
- Administration ended
- Administration began
- 2023-12-01
- Administrators' firm
- Metis Partners
- Formerly
- Limitless Technology Ltd
- Incorporated
- 2016-03-10
- Location
- London
- Industry
- 62090 Other information technology service activities
Why it went into administration
- Funding withdrawn / unable to refinance
- Regulatory change or action
From the administrators' statement
The Company was incorporated on 10 March 2016 and based in London operating as a tech-enabled customer service specialist, providing outsourced customer service support to enterprise clients, facilitated by its proprietary GigCX software platform (the Platform). The Platform enables crowdsourced ‘experts’, who are independent contractors and freelancers, to provide customer service on behalf of the enterprise clients. The Company would assist clients to create their own Platform that includes advanced Al and customer intent to direct queries to a knowledgeable expert or traditional contact centre agent.
The Company had generated a significant number of external investors since its formation in 2016. This is shown by a share premium account of circa £16.8m by the end of 2022.
The Company has achieved revenue growth of 25%-30% per annum over the last three years but, as with all startups, the Company had been making significant operating losses due to significant product development in its Platform (circa £6m in 2022 and circa £4.5m in 2021).
Administrators' statement of proposals (2023-12-12) · Companies House register