Leonard Curtis sells Library House assets

Administrators from Leonard Curtis have sold the assets of Library House to Dow Jones after the business could not be sold as a going concern.

The Cambridge-based business, which was founded by former Dragons Den panellist Doug Richards was placed into the hands of Neil Bennett and Michael Healy, who were appointed joint administrators on 23 December 2008.

The company which provides information on high-tech businesses to the venture capital industry, had a turnover of £2m for the year ending 30 June 2008, but was severely affected by the economic downturn.

'This business had been spectacularly successful,' said Neil Bennett, 'but as the credit crunch has bitten, its main market, venture capitalists specialising in innovative technology, has changed.

'We had been in discussions with a number of potential purchasers, but the sale of the business as a going concern proved not to be possible, even though we contacted numerous interested parties including competitors and investors.

'We did however receive several offers for the assets of the business, and a sale of those assets to Dow Jones' Financial Information Services division, has now been concluded. Library House worked on the cutting edge of green technology, providing news and information on the most innovative European companies and its data and capabilities will prove invaluable to the purchaser.'

Most venture capitalists are concentrating on preserving rather than expanding their business, Bennett said. 'Though the company had begun extending its focus, it has been caught, like so many others. The initiatives undertaken, which could normally expect to be successful have just been undertaken too late.'