News
Telcogames could be sold, says administrator
Tim Green Apr 29 2008, 11:46am
Telcogames' administrator wants to sell the business as a going concern and is talking to interested parties.
Menzies Corporate Restructuring has attributed Telcogames’ demise to cashflow problems resulting from investments in development that left insufficient capital for operations.
Jason Godefroy, of MCR, said: “The company’s expansion plans included games development through the acquisition of development studios but it would appear that this restricted working capital, resulting in a build up of creditor arrears and cashflow pressures. Whilst the company made efforts to reduce costs, administration was necessary to provide protection from creditors and hopefully, this will allow the business to continue as a going concern.”
He continued, “As Telcogames has an excellent reputation globally this puts it in a strong position to help us find a suitable buyer to take the business forward.”
Anyone interested in registering interest as a potential purchaser should contact Simon Shipperlee at Menzies Corporate Restructuring on 020 7487 7240.
