Knoma Ltd (11650366): administration
- Status
- Administration ended
- Administration began
- 2024-07-08
- Administrators
- Martyn Ewing, Adam Henry Stephens
- Administrators' firm
- Evelyn Partners
- Formerly
- Higgler Europe Ltd
- Incorporated
- 2018-10-30
- Location
- London
- Industry
- 64921 Credit granting by non-deposit taking finance houses and other specialist consumer credit grantors
Why it went into administration
- Rising costs / inflation
- Creditor pressure / legal action
- Property / lease costs
- Regulatory change or action
- Rising interest rates
From the administrators' statement
The Company was incorporated on 30 October 2018 and nature of the business was granting loans exclusively for education courses. Having established a startup which provided funding educational courses in Australia, the executive director, Mr Shanley, incorporated the Company to emulate the same within the UK market. At the start of 2019, pre-seed investment fundraising enabled the Company to assemble a small team and start trading.
The Company's first loan was granted in 2020 having secured a £20 million debt facility agreement with Fasanara. The agreement was such that any educational loans granted would simultaneously result in Fasanara acquiring the Company's receivables. The Company would collect any amounts due under servicing agreements, with collected funds being held on trust for Fasanara.
By the start of 2022, the Company was working with over 250 education institutions and was processing thousands of loan applications every month. On 21 March 2022, a non-executive director was appointed to provide independent oversight of operations. The exponential growth and performance lead to the completion of additional equity fundraising with various venture capitals to further expand the business.
Administrators' statement of proposals (2024-09-04) · Companies House register