Comply-Serve Limited (05664528): administration
- Status
- Administration ended
- Administration began
- 2016-10-28
- Administrators
- Tyrone Courtman, Lee Brocklehurst
- Administrators' firm
- PKF
- Incorporated
- 2006-01-03
- Location
- Castle Donington
- Industry
- 58290 Other software publishing
Why it went into administration
- Sustained trading losses
From the administrators' statement
An attempt to exit by the existing investors in 2015 was unsuccessful, due to the general consensus that the Company could not viably be sold In November 2015, the Company commenced a formal sale of business process with Coba!t Corporate Finance (“Cobalt”) acting as Jead advisors Cobalt ceased their role in March 2016, at which point Richard George was appointed Chairman of the Company with a view to seeing if he could be more successful in finding a buyer
It was forecast that c£1miutlon of short-term financial support would be required to reach breakeven and cash neutrality This was largely due to timing issues regarding the commencement of new projects
The Company sought strategic investment, including detailed discussions with Orbis Corporate Finance (“Orbis”) and Sum Capital This involved submission of term sheets in June 2016, however Orbis withdrew their interest on 15 July 2016 and Sum Capital withdrew their interest on 9 August
Administrators' statement of proposals (2016-11-28) · Companies House register