A Cheshire-based software vendor specialising in online payment and energy management solutions has entered administration.
Secure Electrans Limited became insolvent after an attempt by the company’s management to secure further working capital from shareholders, which did not succeed.
After a potential buyer of the company withdrew from a deal, Secure Electrans was placed into administration by its management.
Alex Cadwallader and Andrew Duncan of Leonard Curtis Business Solutions Group were appointed as joint administrators to the company on 17 March.
Cadwallader, joint administrator and director at Leonard Curtis Business Solutions Group, said: “We are now working closely with the management team with a view to not only selling the core business and assets of the company, but also the impressive patent portfolio it has developed.”
“It’s clear that these patents hold a significant amount of value. We are working to ensure that the value of these is firstly protected before it is realised. Expressions of interest are currently being invited.”
Administrators are currently working towards securing a sale of the core business and assets of Secure Electrans. Some of the 30 staff employed by the company have been retained whilst the administrators establish the financial position and the viability of the business.
Earlier in March, Tribune Business Systems, a technology solutions provider to UK schools and businesses, and CIDWAY Technology Limited, an authentication and data signature technology provider, both entered administration.