Wed, 21 Oct 2020 | ADMINISTRATION
Gas Tag Ltd, a Liverpool-based tech firm which specialises in tracking the work performed by tradesmen, has entered administration. EY has been appointed as administrator, with 28 redundancies made as a cost-cutting measure.
The company provided a range of software products for gas, fire doors and property safety compliance to social housing landlords. The company was known for helping to tackle rogue tradesmen.
The company had rebranded to X Tag in September, adopting the strapline “Beyond Compliance”, which the company said reflected to data-driven approach. However, Gas Tag appointed administrators earlier this month after encountering financial difficulties related to COVID-19.
John Sumpton, EY Associate Partner and joint administrator, said: “Since it was established, Gas Tag has developed its product range and built a good pipeline of customer prospects with the support of its investors.”
“It has been successful in securing a number of new contracts with social housing providers but has recently been negatively impacted by the COVID-19 pandemic. Consequently, the company has been unable to secure necessary further investment which, unfortunately, has resulted in the directors placing Gas Tag into administration.”
Sumpton added that the joint administrators would seek a sale of the business and its assets, during which time Gas Tag would continue to service its customers.
In a statement on its website, Gas Tag said: “The effects of COVID-19 have impacted Gas Tag Ltd significantly, which has led to the business needing to secure additional finance to continue to trade. Despite the hard work and dedication of our teams, Gas Tag Ltd was unsuccessful in securing this finance.”
“Unfortunately, on October 14, 2020, this has resulted in Gas Tag Ltd being placed into administration. The administrators are supporting the business by allowing it to maintain business as usual whilst they seek a buyer.”
“Whilst the past couple of days have been challenging, the business has retained a dedicated team to ensure that our customers and key stakeholders will continue to receive all of their ongoing services and also have continuity of key contact personnel throughout the period of administration. We are grateful for the support we have received during this difficult time.”
According to Gas Tag’s most recently available financial statements, for the year ended March 31 2019, the company reported fixed assets of close to £3.5 million, with current assets of £761,885 and total assets less liabilities valued at around £2.08 million.
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