From the administrators' statement

1.21 Prior to the commencement of Administration, the Company was in the process of negotiating a sale to a major creditor. Opus Restructuring LLP (“Opus”) met with the Board of Directors (“the Board”) to discuss the options available to the directors, should a proposed sale of the business to this creditor not proceed.

1.22 The sale was progressing well, and was expected to complete in mid-February 2022, but on 15 February 2022 the directors in South Africa advised that there was now a prospect that a sale would not be completed.

1.23 The Board, following the advice from Opus and their solicitors, opted to protect its position by filing a Notice of Intention (NOI”) to Appoint Administrators at Court. At this stage, negotiations were still on-going, with solicitors acting for both the purchaser and Bothongo in communication.

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Bothongo Hygiene Solutions UK Limited (12577437)

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