Smart City Nexus Limited (11595099): administration
- Status
- Administration ended
- Administration began
- 2021-06-21
- Incorporated
- 2018-09-28
- Location
- London
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Funding withdrawn / unable to refinance
- Creditor pressure / legal action
- Bad debts / customer insolvency
From the administrators' statement
The Company was incorporated on 28 September 2018 and traded successfully under the style City Nexus, in providing loT context engine-based software to its target market. CN provides a scalable cloud-based enterprise loT solution that can be configured and deployed quickly (1-2 days), offering context-driven diagnostic and actionable intelligence across a single room, building or property portfolio.
The principal behind the project was Benjamin William Clee (“Mr. Clee”) who had previously promoted a Company in the same sector called Asset Mapping Limited (“AM”). Following a disagreement with investors he resigned. AM later went into Administration and was sold to a third party. | was Administrator of AM. | do not believe there is any conflict of interest between the Administration of AM and the subject Company.
Mark Ingham and Thomas McCarthy became investors in the subject Company which was fronted by Michael Hayward to enable a new system to be built. At this time Mr Clee was subject to a non-compete clause following his departure from AM, hence he was not an officer.
Administrators' statement of proposals (2021-09-02) · Companies House register