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13 Aug 2008
Joint administrators of Endeavors, Richard Fleming and Mark Firmin of KPMG Restructuring, have secured the sale of the software company, including its two Californian trading subsidiaries, to a newly-formed company, Acresail Limited, shortly after they were appointed at the request of the directors on August 8.
Yorkshire-based Endeavors failed to secure key investment earlier in the year when the directors attempted to rescue the company by raising funds through both a rights issue in February and, in June, an investment fund buy-in, Business Credit Management reports.
Fleming said that, given the severity of Endeavors’s cashflow problems, the most likely alternative to the sale was liquidation.
‘Therefore we are pleased to have secured a deal to sell the business and assets of Endeavors plc that allows trading to continue, safeguarding 54 jobs, largely in the US, and offering the prospect of a return to secured creditors,’ he said.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
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