# Physiomedics Limited (SC389958)

> Why UK company SC389958 went into administration, from the administrators' statement filed at Companies House, by companydig. Interactive version: https://companydig.co.uk/company/SC389958

- **Status:** Administration ended
- **Administration began:** 2023-05-09
- **Administrators:** Ian William Wright, Craig Bisset Morrison
- **Administrators' firm:** Middlebrooks Business Recovery and Advice
- **Formerly:** Webphysio Limited
- **Incorporated:** 2010-12-06
- **Location:** Glasgow
- **Industry:** 86900 Other human health activities

## From the administrators' statement

3.1 Middlebrooks Business Recovery and Advice were first approached by the directors of the Company in October 2022. The directors advised of cash flow issues within the business. Significant sums had been invested in the development of their product and although work was being undertaken to secure further client contracts the level of recurring monthly income from current clients was not enough to sustain the business. They advised that attempts had been made to obtain further investment in the business but that it had been unsuccessful and that there were now looking for purchasers for the business. They had several credible interested parties with whom they were liaising. The directors then recommenced discussions with Middlebrooks Business Recovery and Advice in April 2023. They had been unsuccessful in finding a purchaser for the business and the cash position meant that continued trading was no longer an option. The decision was taken by the directors to move forward with the appointment of an Administrator.

3.2In the period between October 2022 and April 2023 the directors had 3 discussions with Middlebrooks Business Recovery and Advice concerning trading and what the options might be. During these discussions it became apparent that the board members had differing approaches to the situation. Despite receiving offers of purchase, none were universally accepted by the board.

3.3 Following on from conversations, the Board agreed that trading could not continue as the income stream was note mature enough to support the monthly outgoings of the Company. To avoid attracting personal liability the Board agreed to the appointment of the Joint Administrators.

Statement of proposals: https://find-and-update.company-information.service.gov.uk/company/SC389958/filing-history/MzM4NDYyMDY4OWFkaXF6a2N4/document?format=pdf&download=0
Companies House register: https://find-and-update.company-information.service.gov.uk/company/SC389958

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