sip6_template.docx
HISTORY OF THE COMPANY AND EVENTS LEADING TO INSOLVENCY
{{kenneth: write sip6 in complete sentences}}
Director's SIP6 from onboarding
Company history & insolvency notes:
Started 2010 by Joe B. Got £500k seed.
Grew fast - 3 to 47 staff in 5yrs. Finance clients.
2012: £2.5m Series A (£8m valuation)
2014: Launched FinanceFlow product
Problems started late 2022:
- Lost 2 big clients (40% revenue gone!)
- Product launch failed
- New regs cost us
Tried to get more funding but no luck. Cash flow problems by Q2 2023.
Assets: IP (£1.2-1.8m), equipment (£120-150k), receivables (£520k), cash (£42.5k)
Debts: £1.4m secured, £950k trade, £320k tax, £175k staff