DeepVerge
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
DeepVerge plc was a Dublin-based environmental and life science group that developed and applied artificial intelligence to analytical instruments for the analysis and identification of bacteria, viruses and toxins. Its operating businesses included Labskin (skin microbiome and life science testing), Modern Water (water monitoring and treatment technologies) and Glanaco (engineering services). The group was listed on London's AIM market and raised over $20 million in funding.
02 / DeepVerge FAILURE REASONS
Failure factors supported by the current evidence
DeepVerge plc RNS 26 Jun 2023 (opened via Investegate): limited working capital; unlikely to realise enough from asset sales or new finance in time to keep trading and repay creditors; board stopped supporting subsidiary costs; expected sale/closure/administration of all group subsidiaries; holding company had ~£0.2m net liabilities and uncertainty it could pay debts as they fell due.
RNS: operating from a limited working capital position; unlikely sufficient funds in time to continue to trade and repay all creditors.
Indicative offers for Labskin and Modern Water not likely to complete timely; new financing not expected in time.
Holding company not trading, ~£0.2m net liabilities; uncertainty it could pay debts as they fell due.
03 / EVENT HISTORY
Events in the structured record
- Asset restructuring
Investegate RNS 26 Jun 2023 (opened): AIM trading suspended pending financial position; expected sale, closure or administration of all Group subsidiaries.
- Liquidation
London Gazette notice 4702463 (opened; published 13 Sep 2024): GM 10 Sep 2024 resolved DeepVerge plc (10205396) cannot by reason of its liabilities continue, wound up voluntarily; joint liquidators E Walls and W Harrison of KSA Group. Gazette 4702530: CVL appointment 10 Sep 2024. Companies House later shows return of final meeting and dissolution.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
On June 26, 2023, DeepVerge's board decided to no longer support the ongoing costs of its operating businesses and began seeking to sell the Labskin, Modern Water and Glanaco units; trading of its shares on AIM was suspended.
- 02
In July 2023, the board issued redundancy notices to all remaining staff, effective July 31, and in August sold the Glanaco engineering unit back to its management for 1 euro.
- 03
On December 13, 2023, the company updated that even selling the remaining assets would not realise enough value to avoid closure or administration of the subsidiaries; the holding company carried around 300,000 pounds of net liabilities.
- 04
Trading of DeepVerge shares on AIM was cancelled on December 27, 2023, and the group moved toward the sale, closure or administration of all subsidiaries, culminating in liquidation in 2024. No reliable loss figure was disclosed, so no loss amount is recorded.