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.’