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|SFP to conduct sale of assets of Bydd Tech|
|Thursday, 19 May 2016|
Nationwide insolvency practitioners SFP is currently undertaking the sale of the assets of Byyd Tech, providers of a platform for the provision of mobile advertising, after the firm went into administration last month.
Despite a turnover of c£7.5 million in 2015, Byyd Tech experienced mounting debts and financial loss totalling £1.95 million.
SFP’s Simon Plant and Daniel Plant – both licensed members of the Insolvency Practitioners Association (IPA) – instructed agents to market the business for sale in order to seek interested parties for a sale of the Company’s business and assets as a going concern.
The Joint Administrators traded the business whilst the marketing process was undertaken. As part of cost cutting measures, several of the staff were made redundant during this time. The joint Administrators were able to pay the remaining staff as they continued to trade the business while seeking to sell the business as a going concern.
Despite early positive signs and several interested parties showing a strong interest in the business and assets, a successful sale could not be concluded and the deadline for offers has now expired.
The Company has since ceased to trade and skeleton staff have been retained to undertake an orderly wind down of the Company’s affairs.
Simon Plant says every avenue to sell the business has been explored: “Potential investors were not comfortable with the value of investment required to pay down outstanding debts, neither were they convinced about Byyd Tech’s business model going forward. Despite strong interest, with one party in particular contributing a sum towards trading costs in return for an exclusive period, the opportunity was ultimately not strong enough to attract an offer.”
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