Staff at digital workplace firm lose jobs after company ceased trading
The majority of staff at an analytics services firm in Bath have lost their jobs after the business went into administration.
Around 35 people lost their jobs after the directors of Actual Experience called in the administrators.
Jonathan Dunn and Andrew Sheridan of FRP were appointed as joint administrators of Actual Experience PLC on 7 November 2023.
The software company and consultancy designed digital workplaces for clients.
After being unable to secure significant new revenue contracts or further reduce costs Actual Experience applied to HMRC for assurance that new shares issued as part of a proposed equity fundraise would benefit from relief from taxation under the enterprise investment scheme (EIS) regime.
The application had not yet received approval from HMRC and the company ran out of cash.
The company worked with FRP to explore alternative options, including an accelerated process to seek a buyer for the business and assets.
However, no potential buyers emerged.
Upon appointment of the joint administrators, the company ceased to trade and the majority of its 39 staff have been made redundant.
A small number have been retained in the short term to assist the administrators in fulfilling their statutory duties.
Jonathan Dunn, restructuring advisory partner at FRP and joint administrator of Actual Experience PLC, said: “Actual Experience PLC had been a growing business following a significant rise in remote and hybrid working during Covid-19.
“Whilst there was a promising pipeline of potential contracts, in the absence of a sale or investment the company was unable to continue trading.
“Regrettably, this meant 36 staff were made redundant on appointment. We’re now supporting the individuals affected and preparing for an asset sale.
“The nature of this appointment highlights just how important access to venture capital is as a source of investment for many businesses, especially those in the tech sector.”
