# The Funky Appliance Company Limited (10248770)

> Why UK company 10248770 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/10248770

- **Status:** Administration ended
- **Administration began:** 2023-11-03
- **Administrators:** Andrew James Pear, Milan Vuceljic
- **Administrators' firm:** Moorfields
- **Formerly:** The Funky Iron Company Limited
- **Incorporated:** 2016-06-23
- **Location:** London
- **Industry:** 27510 Manufacture of electric domestic appliances

## Why it went into administration

- Creditor pressure / legal action

## From the administrators' statement

The Company was initially introduced to Moorfields via Seedrs, a shareholder, on 3 October 2023. The Company’s directors explained there had been a number of recent difficulties within the business, summarised as follows:

• Following a breakdown in the relationship with their main distributor, the distribution agreement was terminated. The Company had been in lengthy discussions negotiating an exit with this distributor, which ultimately concluded with the Company buying back the stock held by the distributor at the original selling price, which materially impacted margins. The total settlement was c£250,000 which impacted cash reserves.

• The Company had an informal management team, who were not employees, but made up of minority investors / stakeholders (“the Management Team”). We understand there was a breakdown in the various relationships which led to resignations and questions regarding the financial stability and solvency of the Company.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/10248770/filing-history/MzQwNTAyNTE5MGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/10248770

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.