Believe In Science Ltd (12716172): administration
- Status
- In administration
- Administration began
- 2025-09-25
- Administrators
- Stewart Goldsmith, Nicola Elaine Layland
- Administrators' firm
- Leonard Curtis
- Incorporated
- 2020-07-03
- Location
- Fareham
- Industry
- 56290 Other food services
Why it went into administration
- Creditor pressure / legal action
- Property / lease costs
- Sustained trading losses
- Competition / price pressure
From the administrators' statement
2.1 The company traded as Urban Legend and developed Intellectual Property to be able to produce air fried donuts and cake pots which offer a healthier option to what was already on the market. Using this unique selling point it was felt that this differentiation would result in the company becoming a key player in the market.
2.2 The company invested significant funds in Research and Development as well as Intellectual Property. As a result, funding was required to meet these costs whilst the company grew to a level where it would generate sufficient income to meet its trading costs and ultimately generate returns to the shareholders.
2.3. The company had been funded through a mixture of investments from shareholders (debt and equity, £4.1m of loans and £13.3m of share premium), together with some asset-based lending to fund the tangible assets of the company.
Administrators' statement of proposals (2025-11-13) · Companies House register