Iconic Labs PLC (10197256): administration
- Status
- Administration ended
- Administration began
- 2021-06-04
- Administrators
- Hugh Francis Jesseman, William Antony Batty
- Administrators' firm
- Antony Batty
- Formerly
- Widecells Group PLC; Widecells Group Limited
- Incorporated
- 2016-05-24
- Location
- London
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Loss of a key customer, supplier or contract
From the administrators' statement
The Company changed its name from Widecells Group Plc to Iconic Labs PLC in July 2019. Around this time, the Company withdrew from its stem cell business and a new management team was appointed, led by David Sefton and John Quinlan, to develop a new media and technology business. Mr Sefton left the board of directors of the Company in December 2019 at which time Mr Quinlan took over as chairman.
In September 2019, the Company purchased a leading LGBT! publisher, Gay Star News (“GSN”) and entered into an agreement to provide management services to other social media publishers, Other such agreements followed to manage digital media for Greencastle Media Group including The London Economic (“TLE”), Joe and Her Media and Lovin Media, which gave the Company an income stream.
The Company has been historically funded by European High Growth Opportunities Securitization Fund (“EHGOSF”) which has financed the Company by purchasing convertible loan notes and being issued with warrants from the Company, which in the case of the Settlement Agreement (as defined below) had an exercise price of 0.01 pence. Subject to the terms, EHGOSF can subsequently convert loan notes into new ordinary shares and exercise the warrants to purchase new shares; the new shares issued can then be sold by EHGOSF into the market. The financing arrangements between EHGOSF and the Company comprise deeds of issuance and subscription and the Settlement Agreement (together the “EHGOSF Funding Documents”).
Administrators' statement of proposals (2021-08-19) · Companies House register