Laybuy Holdings (UK) Limited (11156956): administration
- Status
- Administration ended
- Administration began
- 2024-06-24
- Administrators' firm
- Deloitte
- Incorporated
- 2018-01-18
- Location
- London
- Industry
- 82990 Other business support service activities n.e.c.
Why it went into administration
- Cash flow / liquidity pressure
- Management failings / irregularities
- Cyber attack / IT failure
From the administrators' statement
Throughout December 2023 to February 2024, the Group was the victim of fraud and cyber-attacks, primarily impacting the UK, which resulted in material cash losses. These losses caused the Companies to breach the terms of the UK secured lending facilities and created cash flow difficulties for the Group as a whole.
On 12 June 2024, following an unsuccessful accelerated sale process for the Group, the Companies directors ceased originating new loans and commenced steps to place the Companies into administration.
On 24 June 2024, we were appointed as joint administrators of the Companies and took over from the directors the responsibility for the management of the affairs, business and property of the Companies. The appointments were made by PFG, as the Companies Qualifying Floating Charge Holder.
Administrators' statement of proposals (2024-08-20) · Companies House register