Ledgeredge Ltd (12536606): administration
- Status
- Administration ended
- Administration began
- 2023-08-01
- Administrators' firm
- PwC
- Formerly
- Ledger Edge Ltd
- Incorporated
- 2020-03-27
- Location
- Leeds
- Industry
- 62012 Business and domestic software development
Why it went into administration
- Regulatory change or action
From the administrators' statement
LedgerEdge Ltd is the wholly owned subsidiary of LedgerEdge Inc, a US incorporated business. LedgerEdge Ltd was a corporate bond trading platform, founded in 2020 by David Rutter, a tech entrepreneur. The company had developed an e-trading platform (Multilateral trading facility (MTF) specialising in the corporate bond market. The company was regulated and authorised by the FCA.
The platform was a gateway to different markets where bonds could be bought and sold. It allowed banking clients to trade on their platform. The Company invested c.£15m in to build the platform. They had c.30 clients signed up to terms out of which 16 clients were live but with little or no trading to date.
Despite a number of trades being executed, unfortunately, the Company had been unable to generate material trading volumes and associated revenues. Prior to our appointment there were no outstanding trades.
Administrators' statement of proposals (2023-09-11) · Companies House register