Lunaz Group Ltd (13212588): administration
- Status
- Administration ended
- Administration began
- 2024-03-20
- Administrators' firm
- FRP Advisory
- Incorporated
- 2021-02-19
- Location
- St. Albans
- Industry
- 70100 Activities of head offices
Why it went into administration
- Funding withdrawn / unable to refinance
From the administrators' statement
The Company has historically raised funding for the Group through a combination of convertible loan notes and equity investments.
In early-2024, the Company sought to raise additional funding through a series-B fund raise but was unsuccessful. In response, the Board of directors reviewed the Company’s financial position as part of a wider review of the Group’s financial position and concluded that the Company was unable to continue to fund the ongoing costs of the Group. The Board of directors further concluded that the Company was unable to repay its loans and that the Company was insolvent.
Administrators' statement of proposals (2024-05-20) · Companies House register