Joint administrators of Endeavors, Richard Fleming and Mark Firmin of
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
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,’
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