KPMG secures sale of Endeavors

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

Further reading:

the Business Credit Management UK story

Related reading