Member Info for jez01

Https://find-and-update.company-information.service.gov.uk/company/10205396/filing-history

As of 3rd October.

New website for Glanaco's UK expansion....

New Production Manager Stuart Buckham who was with MTST Structures Ltd at the same address: Ridge Farm

323 Woodlands Rd, Woodlands, Southampton, SO40 7GE

The head of Cork engineering services business Glanaco has said the firm “got out in time” from its former parent company Deepverge after a €1 management buyout.

Deepverge, an Irish-headquartered technology firm that does much of its business in the UK, bought Glanaco for €1.3m last year.

It has now agreed to sell Glanaco to Tony Ryan and Michael Fitzgerald, the current management and previous owners, for a price of €1.

The pair will be 50-50 owners of the firm, which employs 23 people.

Deepverge has been looking to dispose of several non-core businesses after developing severe financial issues which left it facing difficulties supporting several of its subsidiaries. In June, it was temporarily suspended from the UK-based AIM stock market due to the issues.

1:35

On This Day In History - August 10th

In a statement, Deepverge said: “Since the acquisition of Glanaco in March 2022 it has incurred costs and liabilities related to other parts of the group and has been left with insufficient cash to continue to operate as a going concern.

“By transferring the business back to management the business and associated jobs will be saved, and the group’s net creditors will reduce by approximately €0.5m.”

Nigel Burton, the interim CEO of Deepverge, said the move was done to save jobs at Glanaco.

Mr Ryan, the managing director of Glanaco, said issues arose because of how Glanaco was subsidising other parts of Deepverge’s business. “Glanaco is profitable. We saw they had layoffs in the US and York, so we made them an offer to buy back the company.

“We have some good contracts in the pipeline and thankfully it won’t affect us too much, I think we got out in time as we saw this coming.”

WHEN DO THE BOARD OF DIRECTORS NEED THE APPROVAL OF THE COMPANY’S SHAREHOLDERS?

"As most directors will know, it is the board of directors that make the decisions about a company’s business on a day to day basis. But, there are certain circumstances where UK company law dictates that the shareholders of the company will have the final say.

The Companies Act 2006 sets out a number of circumstances where the board of directors of a company will be required to seek the approval of the company’s shareholders before entering into a transaction. Most of these circumstances relate to transactions involving a director of the company or (in many cases) a person connected with a director. The circumstances include:

· Where a company is buying a substantial asset (that isn’t cash) from a director of the company or any person or entity connected with a director or is selling a similar asset to a director or any person connected with a director;

· Where a company is proposing to make a loan to a director or provide a guarantee (or other form of security) for the benefit of a director; or

· Where a company is looking to enter into a service contract with a director which is for a fixed term of 2 or more years.

It is surprising how often these issues come up in relation to small companies. Whilst there are exceptions to the general rules, wherever a company is seeking to enter into an arrangement in which a director has an interest (whether direct or indirect), the board of directors will need to be conscious of these rules. A failure to obtain the necessary approval could result in the transaction or arrangement being completely void. "

The above taken from Howat Avraam Solicitors website

Assuming that this is a genuine contract, this would mean that the revenue from March-July would belong to the Deepverge Group. It should also imply that Rinocloud / Rinodrive would need to charge Glanaco for it's services going forward. Perhaps Rinocloud will get sold to Glanaco too? This level of sophisticated fraud needs to be properly investigated by the authorities.

Significant contract win

Glanaco, a subsidiary of DeepVerge acquired in March 2022, has secured a €10m (circa £9.3m) order from an existing customer in Central Asia for the design, assembly and supply of multi-function mobile equipment for use by municipalities for applications including cleaning, decontaminating, de-icing, and salting streets and public areas, with relevant data generated by the bespoke software designed by the Company's subsidiary Rinocloud.

The order comprises a design licensed to the customer, the initial c£3.2m revenues for which were included in the £17.2m (unaudited) total for 2022 announced on 9 January 2023, and production of 100 units which are contracted to be delivered in 2023, starting in March 2023, with revenues of c£6.1m. The order for 100 units will be managed by Glanaco's plant in Cork, Ireland where all assembly and testing will be undertaken.

Modern Water is pleased to announce it has appointed Inteprod LLC as an authorized service representative for its Microtox LX and Microtox FX acute toxicity analyzers. Inteprod is a contract manufacturing specialist for medical and life sciences technologies in Eagleville, PA, USA. Inteprod was instrumental in the design of both instruments and has deep knowledge of their design and performance.

Address: 2583 Industry Ln, Eagleville, PA 19403, United States

Modern Water post last month:

We are excited to announce that our new US warehouse is now open at 2583 Industry Ln, Eagleville, PA 19403! This new location will allow us to serve our customers in the US, Canada, and Mexico better and provide faster shipping times.

Glanaco in Cork, Interprod in Eagleville, PA - Modern Water is the only value left in Deepverge. We are watching.....

Summary of Glassdoor Reviews – Labskin:

“Growth opportunities are not fulfilled, very bad top management that led to layoffs, unrealistic expectations about services to be delivered” – May 11, 2023 - Lab Technician in Cork

“Awful management! They constantly recruit friends and family who are completely incompetent and regularly throw the other staff under the bus to avoid accountability. The management have also reinforced a strong blame and bullying culture here and the bullying members of staff are constantly rewarded with pay rises or promotions. They don't value their staff and rarely listen. I would strongly suggest to avoid working here, I doubt it will even exist in the next few years.” - Apr 5, 2023 - Anonymous Employee

“No direction or planning from those running the company, poor business decisions led to redundancies.

Advice to Management

Make sure that the business is profitable, and listen to the people who know how to do that” - Jan 23, 2023 - Quality Technician

“Upper management completely detached from reality as they are based in another country and don't show much interest in what is going on. Communication between upper management and York site is very, very very poor!” - Nov 16, 2022 - Anonymous Employee in York, England

“Terrible management. Chaotic, no clear direction. Most hires are friends or previous colleagues of management. Pay is not fairly regulated and the same positions have wildly different salaries. Atmosphere is very toxic. Expected to work over hours for no additional pay or compensation. No career opportunities.” - Sep 30, 2021 - Anonymous Employee

“Nepotism Unprofessional Poor and malicious team culture False promises and questionable ethics Don't waste your time

Advice to Management

Behave professionally and overhaul your ethics integrity and team.” - Sep 30, 2021 - Anonymous Employee

“Chaotic, unprofessional, dishonest, devious management” - Sep 21, 2021 - Anonymous Employee in York, England

Gerard Brandon, DeepVerge plc CEO commented:

"Today's AGM will of course discuss the outcome of 2020, which by itself was remarkable, but also focus on the future of each division within the Group. It is impossible to put in black and white what has, is, and will be achieved by the team at DeepVerge over the next 12-24 months, so I look forward, with Fin Murray, Chief of Operations, and Camillus Glover, Chief Financial Officer, to providing sufficient colour to allow you to see where the Company is heading."

Https://www.annualreports.com/HostedData/AnnualReports/PDF/LSE_DVRG_2021.pdf p65 re acquisition

https://newsnreleases.com/2022/03/17/deepverge-plc-acquires-engineering-services-company-glanaco-limited/ Glanaco numbers

https://www.modernwater.com/2022/05/19/modern-water-co-cork-expansion/ Modern Water expansion via Glanaco

• Glanaco Ltd was acquired by Rinocloud Ltd – Not Deepverge, which seems a little unusual!

• Per last year’s restructuring: Modern Water will focus primarily on markets in China, South Asia and EMEA.

• The full integration of Glanaco into Modern Water will create two sub-divisions within Modern Water – a solutions division for integrated solution sales and an equipment, assembly and logistics division run by Glanaco. Modern Water will focus primarily on markets where there is regulatory driven need for clean water.

• Labskin and Skin Trust Club business units will transfer to Rinocloud Limited, the software and AI company acquired by DeepVerge in May 2019. Rinocloud is focused on the use of AI for analysis of aggregated microbiome data extracted from human skin and environmental water, soil, flora and fauna. Following the recently announced material wins with IARPA, NOAA and Georgia Ports, this business will primarily be focused on and in the North American market.

• Glanaco Ltd’s unaudited accounts for the year ended 31 December 2021 show profits before tax of £218,315 on turnover of £1.362 million, and net assets at the year-end of £524,255. Quite a tiny company, being turned into the European HQ for Moden Water?

• Modern Water’s website – inconsistent email addresses. US and UK -> info@modernwater.co.uk; China -> sales.china@modernwater.com

info@modernwater.com at top of website, but not in the Contact us section.

Wow, nice to see that level of confidence appearing. Onwards and upwards.....

Camillus Gerard Glover – still listed as an active director for the following companies:

• Modern Water Ltd

• Surrey Aquatechnology Ltd

• Aguacure Ltd

• MW Monitoring Ltd

• Modern Water (Nominees) Ltd

• Modern Water Holdings Ltd

• Cymtox Ltd

• MW Monitoring IP Ltd

• Integrumen Ltd

• Innovenn UK Ltd

• Lifesciencehub UK Ltd

Does someone need to have a word with Fiona Joyce?

Per the interim accounts, it clearly states that they still expect to deliver commercial revenues before the end of the financial year end which is 30th June 2023. So, it can't be much longer before we hear news about Morocco or Utah presumably....

https://www.gq-magazine.co.uk/article/personalised-skincare-cosmetics-for-men

Just seen the above mentioned on LinkedIn.

Let's hope the business is able to turn things around, and gain new contracts. When/If we become profitable, being registered in Ireland means a lower tax rate compared to the UK.

Good to know that things are moving in the right direction. Glad they have clarified the Morocco project status. Onwards and upwards....

Was just checking the website under the FAQs and spotted that it now says that the site test is scheduled for early Q4. Given that the year end is June, that means early Q4 would be April. If the fuel was delivered in January, why the delay in beginning the test?

"Morocco – In June 2022, Quadrise signed a new Material Transfer & Cooperation Agreement with the client, under which an industrial demonstration test using MSAR® and bioMSAR™ will be carried out at a client site. The MSAR® fuel for this test has now been manufactured and is being delivered to Morocco, with bioMSAR™ following imminently. The site test is now scheduled for early Q4. Upon successful completion, the parties will enter into discussions for potential commercial supply before year-end."

Can't believe it's been 10 years since I invested here. Didn't realise that they'd been involved in Mexico for for 15 years. Could this turn into a rabbit out of the hat scenario? Surely we will also hear about Morocco before the half year update in March???

With today's RNS the acquisition does indeed look good. £6m of 2023's revenue in the bag.
What do we think £25m in total or is that too conservative?

Looks like a busy start to the year for Glanaco Limited per posts on LinkedIn: https://www.linkedin.com/company/glanaco/posts/
Perhaps this was actually a good acquisition after all?