LED provider LED Studio has filed for administration and called in insolvency company Opus Restructuring, who were instructed to act on behalf of the business on April 20, as filed on the public record The Gazette.
The story first appeared on the website of the UK newspapaer The Daily Express on Friday morning. Insolvency specialists Andrew Watling and Michael Ian Field, of Opus Restructuring, have been appointed to oversee the administration.
LED Studio was founded in 2010 and has experience centres in Cyprus, Germany, Dubai and the US. Inavate sources have said the process is being undertaken as part a of management restructure, and that the business is still 'open and running'. Inavate also believes the new HQ will be in Germany.
In response to a story which appeared in the Basingstoke Gazette (LED Studio operates out of Hampshire International Business Park in Basingstoke), Robert Bint, CEO and founder seemed to confirm the restructuring process on LinkedIn yesterday (Sunday 26 April): “Only the ltd original entity that has gone into an administration restructuring process. There was a change at board level that was needed as many will know and this very much enables that. The office, experience centres and all other global entities all remain the same as are the ‘innovative’ products and our incredible team. Change for further growth was very much needed …"