Urban Truant Power Ltd (12358415): administration
- Status
- In administration
- Administration began
- 2025-08-08
- Administrators
- Stephen Powell, Julian Pitts
- Administrators' firm
- Begbies Traynor
- Incorporated
- 2019-12-11
- Location
- Leeds
- Industry
- 93110 Operation of sports facilities
Why it went into administration
- Funding withdrawn / unable to refinance
- Cash flow / liquidity pressure
From the administrators' statement
The Company was incorporated on 11 December 2019 and operated a water taxi and Rigid Inflatable Boat (“RIB”) club service from 102 Saltmakers House, Hamble Point Marina, Southampton, SO31 4NB. Gregor Wilson and Russell Lake have been directors since incorporation as well as 50/50 shareholders.
In 2023 the Company considered an expansion in its activities to include a move towards non-fossil fuel vessels as well as the development of proprietary software to facilitate its own activities and to license to other third-party operators.
In pursuance of this, in August 2023 the Company joined the Xenon Collaboration to secure £180k of grant funding from Innovate UK. This was conditional upon the Company raising £80,000 in equity finance, being 30% of the overall funding required. The equity finance was duly raised by way of a share issue on 28 September 2023 which generated £80,000 of working capital and the grant application was approved. The shares were issued to Blaze Finance Limited (“Blaze”) and Simon Maxwell-Scott.
Administrators' statement of proposals (2025-10-02) · Companies House register