# Onto Tech 1 Limited (12715912)

> Why UK company 12715912 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/12715912

- **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- Funding withdrawn / unable to refinance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).

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/12715912/filing-history/MzM5ODI2NDM4MGFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/12715912

Contains public sector information from Companies House, licensed under the Open Government Licence v3.0.