On 1 December 2020, the Board of Directors of Earthworm Limited (formerly EW CAP Limited) (“Earthworm” or “the Company”) resolved to place the Company into Administration appointing Andrew Poxon and Conrad Beighton of Leonard Curtis Business Rescue & Recovery as Joint Administrators (“the Administrators”).
Earthworm provided discretionary fund management services for approximately 900 Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) investors, focusing on investment in the food, energy and waste sectors. Assets under management at the date of Administration totalled £30m.
The demise of the Company follows an extremely challenging year, which has seen fundraising opportunities significantly diminished due to the COVID-19 pandemic.
The Administrators are currently assessing the options available to them with regard to the transfer of the management of the fund to an alternative FCA regulated fund manager and a number of staff have been retained to support an orderly wind down of the business. A preferred party unconnected to the company, SFC Capital Partners Limited (SFCCP), has subsequently been selected to progress the transfer following an accelerated marketing process.
The Administrators have been liaising with the FCA regarding plans for winding down the business and they will continue to work with the FCA to achieve a satisfactory outcome.
The Administrators will be publishing detailed guidance on the next steps for creditors and investors in due course on their dedicated webpage for the Administration www.leonardcurtis.co.uk/earthworm.
This website will be used to provide further updates and information as and when appropriate and creditors and investors are encouraged to monitor the website on an ongoing basis.
For all client, creditor and non-press related enquires a dedicated email address has been set up email@example.com and we would encourage all queries to be directed to us via this channel.
Leonard Curtis Business Rescue & Recovery is part of the Leonard Curtis Business Solutions Group.
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