SALE OF ONLINE FOOTBALL STATISTICS WEBSITE & SOCIAL MEDIA FOR £1,000,000
Williams & Partners was engaged by the Director of one of the leading football statistics websites to market and sell the assets and goodwill on a pre-pack administration basis. In addition to directly contacting worldwide competitor businesses, we placed adverts online with two strategic websites for distressed businesses and prepared a detailed Information Memorandum. Over a period of 14 days we received expressions of interest from 23 separate parties (and an additional 2 after the closing date). Further discussions were undertaken with 14 parties which resulted in detailed negotiations with 5 parties which included the provision of further detailed information, holding meetings with all parties and the Director as well as advising the secured charge holder of ongoing negotiations.
As a result of the above, we obtained offers from all 5 parties ranging from £10,000 for only part of the social media accounts to £1,000,000 (payment on completion) for the entire assets and goodwill of the business. By completing a sale to the highest bidder post-administration, the charge holder, the preferential creditors and the unsecured creditors were paid a dividend of 100%.
Subsequent to the sale process being completed, Williams & Partners assisted the Administrator with a detailed account of our actions in line with the requirements under SIP 16.