BusinessCompany NewsKPMG secures sale of Endeavors

KPMG secures sale of Endeavors

KPMG has secured sale of software business Endeavors to Acresail after being appointed administrators

Joint administrators of Endeavors, Richard Fleming and Mark Firmin of
KPMG
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
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:

Read
the Business Credit Management UK story

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