- 21 Jul
Urica Supply Chain Finance Liquidation
Urica, the new Global Supply Chain Finance company has announced on its website the appointment of liquidators as at The 20th of July 2018. The liquidation is apparently as a result of a large fraud in France.
If you are an existing client of Urica, looking for an alternative source of finance please contact Sean on 03330 113622 and he will help you find what you need.
Urica Limited Appoints Liquidators
A quick look at Companies House shows the company, Urica Limited, registration number SC416992, registered office – 16 Charlotte Square, Edinburgh EH2 4DF, was incorporated on the 14th of February 2012.
Filed accounts to the 31st of March 2017 showed an increase in turnover from £93K to £233K with gross profit of £19K. However, administrative expenses of over £3 million resulted in a loss of over £2.5 million, after a research and development tax credit. The accounts also showed a negative net worth of almost £7.1 million.
With administrative expenses in the previous year having been £1.8 million it would appear, assuming that these costs are re-occurring, to have been an uphill battle for the business to achieve profitability. Clearly the business would have been very vulnerable to this kind of fraud, so it’s not surprising that they called in Liquidators.