Based at Liverpool Science Park, IQBlade whose clients include Microsoft collapsed into administration in October after suffering cash flow problems. Tony McDonough reports
Liverpool data intelligence firm IQBlade has been rescued out of administration, with all jobs saved.
IQBlade’s digital platform allows businesses to gain real-time insight into competitors, business partners and customers. Key features of the platform include financial benchmarking and growth analysis. Its clients have included global giant Microsoft.
Founder and director Antony Young secured secured £325,000 of equity funding from the Northern Powerhouse Investment Fund (NPIF) – Maven Equity Finance via MSIF in October 2017 and said it intended to grow headcount from seven to 32.
In February this year, it secured a second six-figure cash injection from NPIF – Maven Equity Finance, again via MSIF. However, cash flow issues were identified in the third quarter of 2019 and the company sought advice from restructuring experts from Begbies Traynor in Liverpool.
Jason Greenhalgh and Paul Stanley of Begbies Traynor were appointed as joint administrators on October 22. Following a short period of marketing, the business and its assets were successfully it was sold as a going concern, and securing the future of its five employees.
Now, IQBlade will continue to trade from Liverpool Science Park with all the jobs saved, thanks to an unnamed rescuer. The firm’s last recorded annual turnover was £108,000.
Jason Greenhalgh, partner at Begbies Traynor in Liverpool, said: “This deal means the business can continue to trade, all jobs have been saved and the landlord of the trading premises retaining a tenant. The company has an impressive client portfolio and is truly groundbreaking in its approach to data.
“It is not unusual for a fast growth technology company to run into cash flow problems at a relatively early stage of growth during the development phase. Despite the directors efforts to secure further funding, it proved unsuccessful”
“Hopefully the sale will allow the purchaser to build on the foundations and develop the sales which will see the company achieve the success the former owners envisaged.”