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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