Phycoworks Ltd (13449502): administration
- Status
- Administration ended
- Administration began
- 2025-03-19
- Administrators
- Ben David Woodthorpe, Mark Supperstone
- Administrators' firm
- S&W Partners
- Incorporated
- 2021-06-10
- Location
- London
- Industry
- 72110 Research and experimental development on biotechnology
Why it went into administration
- HMRC / tax arrears
From the administrators' statement
Phycoworks Ltd (the Company) is a private limited company incorporated on 10 June 2021, with its registered office at Scale Space, 58 Wood Lane, London, England, W12 7RZ. The Company specialises in research and experimental development in biotechnology, focusing on optimizing algae production through artificial intelligence and synthetic biology.
The Company initially employed 3 employees, rising to a total of 15 and by June 2024 achieved substantial revenue growth to a peak of £315,497, though was not trading profitably during this time.
The Company was initially funded by its shareholders and convertible loan notes issued on 26 January 2022, with a maturity date of 26 January 2025 (the Maturity Date). As a biotechnology startup that operated with high capital expenditure and extensive development times, the Company’s management did not expect that the Company would be profitable in the short term and instead relied on venture capital funding, research and development (R&D) grants from the UK Innovation Funding Service (Innovate), and R&D credits from HMRC.
Administrators' statement of proposals (2025-05-13) · Companies House register