London tech company ‘may need to consider’ insolvency due to £100k debt

A London-based digital media and technology provider has stated today that it may not be able to repay its debts.

Catenae Innovation, a technical solutions provider specialising in blockchain, first announced its debt two weeks ago.

In a statement today, it said that the company needs £100k in order to settle its debts.

It said: “The company’s working capital position remains weak and it is continuing discussions with a number of parties in respect of securing immediate funding, by way of a placing or short term debt and that the directors remain optimistic that such funding of up to £100k will be available to it.

“There is no guarantee that these current discussions will result in new funding being secured or that the terms of any such agreement will be favourable to the company and its shareholders.

“In the event that further funding cannot be secured, then the company may need to consider commencing insolvency proceedings.

“A further announcement will be made in due course.”

Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →