WYM Holdings Limited (10480829): administration
- Status
- Administration ended
- Administration began
- 2019-12-19
- Administrators
- Kirstie Jane Provan, Irvin Milton Cohen
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2016-11-16
- Location
- London
- Industry
- 64209 Activities of other holding companies n.e.c.
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Group’s primary commercial activities were a conveyancing business carried on by WYM Legal, subject to regulation by the Council for Licenced Conveyancers (“CLC”), and a non-regulated Property Technology (‘PropTech’) business (an online conveyancing referral platform) carried on by When You Move. The Company was formed specifically to allow WYM Legal and When You Move, and later iPlace, to independently operate under a formal group structure. Summary financial information about the Group is set out at Appendix 2.
The Company acquired iPlace in September 2019 to enable the Group to benefit from iPlace’s significant reach in the UK ‘Home Mover market. In order to complete the acquisition of iPiace, the Company undertook an extensive fundraising effort commencing in November 2018. This culminated in the Company entering into a funding arrangement comprised of the following:
1 Asecured loan facility agreement (‘the Facility Agreement") provided by Umbra (“the Umbra Facility”) of £1.5M. The Umbra Facility was secured by way of a fixed charge over the Company's 100% shareholding in iPlace, (‘the Share Charge”) granted to Umbra on 27 September 2019, together with a debenture created on the same date conferring fixed and floating charges to Umbra over all of the Company's property (‘the Debenture”); and 2. Aninvestment of circa £800K from New Model! Venture Capital Ltd (‘NMVC’”) (‘the NMVC Investment’), in return for which NMVC would receive 21,110 ordinary shares at a value of £37.89 per share, in accordance with the subscription letter dated 16 September 2019 (‘the Subscription Letter’).
Administrators' statement of proposals (2020-01-23) · Companies House register