RSL Realisations 2023 Limited (11507205): administration
- Status
- Administration ended
- Administration began
- 2023-09-22
- Administrators
- Christopher Robert Pole, Alistair Mcalinden
- Administrators' firm
- Interpath Advisory
- Formerly
- Recast Sports Ltd.
- Incorporated
- 2018-08-08
- Location
- London
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Cash flow / liquidity pressure
From the administrators' statement
As noted above, the Company was equity rather than debt funded. Since incorporation, the Company had successfully completed a number of seed and Series A funding rounds which enabled it to grow and scale.
A further funding commitment from a major investor was secured in July 2023 to allow for continued trading and development of the Company's platforms. However, delays in provision of the funding arose and ultimately only a portion of the agreed funding was received.
With the Company’s platforms still at a very early commercial stage, streaming revenue was not sufficient to fund the ongoing costs of the Company and of software development, and significant cash flow pressures quickly arose.
Administrators' statement of proposals (2023-11-09) · Companies House register