PracticePeople In PracticeKPMG gives Boo.com buyers 24 hours to raise £1m

KPMG gives Boo.com buyers 24 hours to raise £1m

KPMG liquidators appointed to Boo.com today said they are giving potential buyers just 24 hours to pay a refundable deposit of £1m.

The Big Five firm hopes this will allow the sale of the beleaguered internet company in days rather than weeks.

And there already appears to be significant interest in the company. ‘We have had over 30 enquiries already today and while this is very encouraging it is obviously too early to say if this will result in a successful sale,’ said Business Recovery partner Mike McLoughlin, speaking at a press conference late this afternoon in London.

KPMG was keen to emphasise the strengths of Boo.com, particularly drawing attention to the dot.com’s back-end infrastructure, which allowed it to develop an enviable order processing and fulfilment operation.

The Big Five firm believes it could sell this part of the company separately to another retailer, leaving the Boo.com brand and website available for other offers.

Asked whether the company had much in the way of funds remaining, McLouglin replied in the negative, confirming that the some of the 300 staff had not been paid for the past month.

Other creditors, mainly in the marketing and delivery services sectors are owed approximately $25m.

This lack of funds forced KPMG to apply to the courts for liquidation status, rather than putting the firm in administration. It is believed that this is the first liquidation of a dot.com in this country.

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