IC Realisations 2021 Limited (11945108): administration
- Status
- Administration ended
- Administration began
- 2021-12-03
- Administrators' firm
- Begbies Traynor
- Formerly
- Invisible Creations Limited
- Incorporated
- 2019-04-13
- Location
- Newcastle upon Tyne
- Industry
- 96090 Other service activities n.e.c.
Why it went into administration
- COVID-19
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
- Creditor pressure / legal action
- Sustained trading losses
From the administrators' statement
The Company’s initial inception resulted from the 2018. National Housing Federation’s Innovation programme, “Creating Our Future”. This manifested in the design of discrete (invisible) adaptive aides for use primarily in private residences. The Company developed products that were intended to be inclusive, attractive, innovative and have duality of purpose; products designed to aid mobility and better support people as they age to live longer and healthier lives in their own homes.
The ideas generated as part of the Innovation programme were deemed worthy of development and Anchor Hanover Group, Karbon Homes Limited and Johnnie Johnson Housing Trust Limited collectively looked to invest in the business as they saw the opportunities within the social housing sector for the products.
Anchor Hanover Group invested £450,000 cash as “start up” equity. Each of the three shareholders noted above subsequently provided working capital loans to the Company of £83,000 each. NorthStar Housing also provided support although they did not ultimately become shareholders. They invested £67,000 which is treated as loan funding.
Administrators' statement of proposals (2021-12-21) · Companies House register