Tue, 14 Nov 2023 | ADMINISTRATION
Kagool, a data, analytics and ERP firm based in Coventry, has fallen into administration after announcing last month that it would seek to review its restructuring options. In October, the company stated that it had experienced “a significant decline” in IT investments in both the UK and EU over the past year.
As a result, the company stated that its UK operations were “no longer viable in their current form” and that it would explore restructuring options. UHY Hacker Young has now been appointed as administrators to the company’s UK operations.
Kagool, which was founded in 2004, is headquartered at Friars House in Coventry, with another UK office in London. The company also has a significant international operation, with offices in Chicago, Singapore, Philippines, Kuala Lumpur, Mexico, Pune, Hyderabad, Dubai and Qatar.
Last month, the company stated that any restructuring efforts would only impact the firm’s UK operations and that its international business would be unaffected.
In a statement, the company said: “In tandem, as our UK revenues have shrunk, our non-UK revenues have grown considerably. As a result, the majority of UK employees today actually work on non-UK projects for other Kagool global group companies (eg Kagool UAE/USA) where IT investments continue to grow sharply in these regions.”
“In addition since moving our global R&D centres to the UAE 12 months ago, we have seen accelerated product innovation through significant government investment and support way beyond what could be achieved from developing within the UK. These factors combined are driving a shift of intellectual capital away from the UK into regions such as the UAE.”
The company added that UK employees were being “remapped and relocated to other Kagool companies" to continue providing support for international customers and said it expected to retain “most if not all headcount affected by any restructuring”.
In its accounts at Companies House for the year ending July 31 2022, Kagool had total assets of slightly over £6 million, with net liabilities amounting to £1.4 million.
Find out about securing a business sale prior to insolvency
An opportunity exists to purchase the business and assets of a software development and support business operating in the UK and USA, with head office in the North of England. The Company has developed advanced telephony applications analytics/CTI th...
A unique opportunity exists to acquire the technology platform of the world’s first social betting platform “Who Knows Wins”. This unique platform was first to market in tapping the nacent social betting market. After failing to secure follow on fund...
The owner and creator of a software company for retail furnishing in the United Kingdom are looking to sell the business. They are open to speaking to interested buyers that want to acquire a sound company with niche product services. The company ha...
11
|
Mar
|
Yorkshire accountants Shenward buy London peer as part of expansion drive | BUSINESS SALE
Yorkshire accountancy firm Shenward has expanded into London...
11
|
Mar
|
UK administrations update: March 4 – 11 | ADMINISTRATION
Since our last update, the following businesses have been co...
11
|
Mar
|
Edinburgh consultants Alba Partners buy London peer Core Consultants | BUSINESS SALE
Edinburgh-based management consultants Alba Partners has bou...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.