From the administrators' statement

Full details of the events leading up to the administration can be found in the Statement of Insolvency Practice 16 ("SIP 16") statement at Appendix 4. A brief summary is provided below which should be read in conjunction with the SIP 16 statement.

As mentioned above, the Company had implemented a restructuring exercise to reduce the cost base and minimise the losses incurred. Despite this exercise, the Company had identified a material funding requirement and was not forecast to breakeven until 2028. A&M was initially introduced to the Company by Simon Adcock and Chris Coulton of Gresham House in April 2025, regarding Gresham House’s investments in the Company.

Following this initial introduction, the Company engaged A&M to understand the options available to it and requested A&M to undertake a contingency planning exercise on 30 September 2025.

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Lifecycle Oils Ltd (11374746)

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