Onto Tech 1 Limited (12715912): administration
- Status
- Administration ended
- Administration began
- 2023-09-11
- Administrators
- Gavin Maher, Ian Colin Wormleighton
- Administrators' firm
- Teneo
- Incorporated
- 2020-07-03
- Location
- Birmingham
- Industry
- 77110 Renting and leasing of cars and light motor vehicles
Why it went into administration
- Funding withdrawn / unable to refinance
- Sustained trading losses
- Weak consumer demand
- Cash flow / liquidity pressure
- Creditor pressure / legal action
From the administrators' statement
The Group was historically loss making at an operating level, utilising funds raised from investors to fund losses. In addition, in the six months to April 2023, the BEV market deteriorated with UK residual values falling significantly.
The key factors of the market downturn were the increase in supply in the BEV market, price cuts on new BEVs and macroeconomic issues affecting consumer appetite for BEV purchases (i.e. cost of living crisis).
The significant reduction in residual values resulted in the Companies’ total BEV value falling from c.£169m to c.£97.0m between November 2022 and July 2023 (albeit some of the reduction was driven by BEV disposals).
Administrators' statement of proposals (2023-11-07) · Companies House register