PracticeConsultingWeb accountant calls in administrators

Web accountant calls in administrators

Ascot Drummond, the online accountancy practice, has called in administrators after failing to secure second round funding.

Backers refused to put up more money for the site, which had amassed only 575 clients. Previously the firm had received Pounds 6.25m in funding following talks with Mercury Private Equity.

Ascot Drummond was the brainchild of chief executive Humphrey Drummond, who won the Venture Capital Report Prize for the concept in 1998. Drummond and co-founders Robert Wright and Ali Hakeem evolved a system where documents were scanned in Dundee and then sent to Pakistan. Employees in Lahore would then complete tasks such as bookkeeping or the preparation of accounts and return the documents via the web.

But in the current dot.com climate, attracting buyers for the company could prove difficult. Administrators from Southampton-based Fanshawe Lofts were called in last week to continue running the business and said they will try and sell the company as a going concern.

So far ten staff have been made redundant plus a number of directors – including Humphrey Drummond.

Links

www.ascotdrummond.co.uk

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer