Member Info for mugginsthedog

I am waiting with baited breathe to hear what the other relevant facts are?

The only facts are that they have pretty much run out of money and the sale has not concluded.

That is a dangerous combination.

At the end of June 2019 they had £68k in the bank. Since then they have raised £141k (before costs) from the fundraise. Total funds £209k.

In the first half year of 2019 they chewed through operating cashflow (net of Monitoring and other revenues) of £375k. In addition they spent £354k on patents etc. Total net cash out of £729k over 6 months – roughly £120k/month and there is no reason to believe that this outflow has significantly changed since the half year. With over 3 months of expenditure since the half year they are done (£120k x 3.5 months = £420k ie much more than the funds available of £209k). Even assuming that they stop all expenditure on patents etc monthly spending is over £60k so total expenditure is £216k). No wonder they are leaving their offices.

Whichever way you look at it they are, putting it politely, financially stressed without the sale of Monitoring. The longer the sales process continues the greater the stress becomes.

The potential purchaser will be aware of this and will stretch the process out knowing that vendor’s desperation will only increase – forced sellers are always stiffed.

I completely agree. They must be running on fumes and need to save every penny. The question is how long can they last without the sale of Monitoring? Not much longer i fear.

The lawyers are the only business on the 12th floor. The 12th floor is the registered address of MW.

You are not seriously suggesting that there are 124 businesses on one floor!?

They have the whole floor. The other companies are just registered addresses.

The new registered office address is the office address of Michelmores, a firm of lawyers. On of their specialties is "Restructuring and Insolvency'.