However, Teleware Ltd of Easingwold can continue trading as it was sold in a pre-pack administration sale to a London company.
The report, known as a statement of affairs, details the circumstances behind the business, which was founded in 1991 and entered administration in March, when it employed 25 staff.
The company, based on the Hawk Creative Business Park, made communications software and hosted communications services to some of the biggest firms in the UK, including British Airways, Barclays, Bank of England and Sainsbury’s.
RECOMMENDED READING:
Administrator’s report shows debts and more at Nidhoggr Mead
However, the report from administrators Redmond Nicholls Butler of Driffield, said revenues from its hosted services were declining and a new product to complement the popular Microsoft Teams offering did not catch on with customers, leading to the company “generating losses on a monthly basis”.
Last December, Redmond Nicholls Butler were approached about a possible sale of the firm to preserve jobs and pay creditors. The director was unable to sell the firm and in February it was determined the administrator would have to find a quick buyer.
One was found, an unconnected party known as Charterhouse Voice & Data Ltd of London. The sale was for £90,000, with £50,000 paid upfront and the rest to be paid by September.
Some 15 staff were transferred to the new company and nine made redundant.
The ‘estimated statement of affairs’ report says Teleware Ltd had a balance of assets available to preferential creditors (namely staff) of £178,960. This compared to a book value of £3,645,842.
Much of this difference stems from loans and other debts owed to Teleware, but the administrators said there is little or no prospect of getting such loan money as these companies either have no assets or are insolvent.
The report said there was also £23,943 available to unsecured creditors, those who are last in line after staff and HMRC.
HMRC, which is classed as a secondary preferential creditor, to be paid after the staff and before suppliers who are owed money was itself owed £144,442.
Trade and other unsecured creditors are owed £389,003 and ‘connected creditors’ were owed a further £817,309.
Altogether, this meant that the former company had a total deficit of £1,388,853 with regards to unsecured creditors, who are unlikely to receive anything of what they are owed, the report added.
The preferential creditors (staff) have a ‘good’ prospect of getting some or all of their money back, whilst the prospects for HMRC were ‘uncertain’, the administrators report added. But this also depended on how much the company was able to get from those who owed money to it.
Charterhouse, the new owners of Teleware, have commented on the takeover and what it means for the business.
By bringing Teleware’s specialist capabilities into Charterhouse, customers will benefit from enhanced AI technology integrated integrated with Microsoft Teams, they said.
It also means greater expertise in voice recording, compliance and regulated communications, plus accelerated innovation across unified communications, contact centre and collaboration
Charterhouse CEO Mike Wardell said on the Teleware website: “This acquisition is a natural fit for Charterhouse.
“Teleware’s visionary work in AI-driven customer experience perfectly complements our strategy, and our recent global recognition from both Microsoft and Zoom.
“Together, we are exceptionally well positioned to help organisations transform how they communicate, collaborate and serve their customers.”
You must be logged in to post a comment Login