R3 IOT Limited (SC600268): administration
- Status
- In administration
- Administration began
- 2025-06-24
- Administrators
- David Mcginness, Judith Howson
- Administrators' firm
- Aab Business & Tax Advisory
- Incorporated
- 2018-06-18
- Location
- Glasgow
- Industry
- 71121 Engineering design activities for industrial process and production
From the administrators' statement
Following the unsuccessful attempts to raise additional funding, in March 2025 the Directors decided that the Company should be marketed for sale and an accelerated sales process was agreed upon. Additional financial support from Scottish National Investment Bank (“SNIB”) in the sum of £370,000 plus interest was provided to support the business during this process. External corporate finance advisors were appointed to run a short process with the aim of finding a buyer for the business prior to June 2025. In order to take security for the granting of the additional funds, SNIB took a bond and floating charge over the Company assets on 31 March 2025.
During the accelerated sales process the Directors sought advice from their legal agents and accountants as to the Company’s ability to continue as a going concern. AAB Business & Tax Advisory LLP (“AAB) were introduced to the Board of the Company following advice from their accountants. No formal advice was provided initially as the sales process was ongoing. Discussions with interested parties were progressing well that stage, and the Board were hopeful of a positive outcome.
On 2 June, when the sales process had ended unsuccessfully, the Board met again. The Board were at
Administrators' statement of proposals (2025-08-20) · Companies House register