Earthworm Limited (10927642): administration
- Status
- Administration ended
- Administration began
- 2020-12-01
- Administrators
- Andrew Poxon, Conrad Alan Beighton
- Administrators' firm
- Leonard Curtis
- Formerly
- EW CAP Limited
- Incorporated
- 2017-08-22
- Location
- Birmingham
- Industry
- 74909 Other professional, scientific and technical activities n.e.c.
Why it went into administration
- Regulatory change or action
- COVID-19
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
The Company was incorporated on 22 August 2017. The principal trading activity of the Company was the management of Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) funds (together “the Funds’).
The Funds are comprised of a collection of management agreements between investors and the Company in its capacity as a manager authorised by the Financial Conduct Authority (“FCA”). The Funds are only permitted to be invested in opportunities that attract EIS relief which is a tax relief scheme created by the UK Government to encourage investment into start-ups and early-stage businesses.
Prior to incorporation of the Company, the Funds were managed by a third party, Thompson Taraz LLP (“TTLP’). A connected company, Earthworm Capital LLP (“ECLP”) acted as advisor and agent to investors. The Funds were promoted by an independent third party.
Administrators' statement of proposals (2021-01-29) · Companies House register