BSR
BSR
  • Home
  • Distressed Businesses
    • All Distressed Businessess
    • Administrations
    • Liquidations
    • Winding Up
    • Insolvency Advice  New
  • Buy a Business
    • All Businesses for Sale
    • Find a Business for Sale
    • Raising Business Finance
    • Buyer Acquisition Service   New
    • Escrow Service   New
  • Sell a Business
    • Sell Your Business
    • Seller Accounts
    • Need Help Selling?
    • Help With Finance New
    • Business Valuation
    • Business Wanted Adverts
  • Insights & News
    • View All News
    • View All Insights
  • Off-market
    • Source deals
  • Log In
  • Join Now
Join now
11111111

Home / News / Liverpool safety software firm enters administration

Liverpool safety software firm enters administration

Wed, 21 Oct 2020 | ADMINISTRATION

Liverpool safety software firm enters administration

Gas Tag Ltd, a Liverpool-based tech firm which specialises in tracking the work performed by tradesmen, has entered administration. EY has been appointed as administrator, with 28 redundancies made as a cost-cutting measure.

The company provided a range of software products for gas, fire doors and property safety compliance to social housing landlords. The company was known for helping to tackle rogue tradesmen.

The company had rebranded to X Tag in September, adopting the strapline “Beyond Compliance”, which the company said reflected to data-driven approach. However, Gas Tag appointed administrators earlier this month after encountering financial difficulties related to COVID-19.

John Sumpton, EY Associate Partner and joint administrator, said: “Since it was established, Gas Tag has developed its product range and built a good pipeline of customer prospects with the support of its investors.”

“It has been successful in securing a number of new contracts with social housing providers but has recently been negatively impacted by the COVID-19 pandemic. Consequently, the company has been unable to secure necessary further investment which, unfortunately, has resulted in the directors placing Gas Tag into administration.”

Sumpton added that the joint administrators would seek a sale of the business and its assets, during which time Gas Tag would continue to service its customers.

In a statement on its website, Gas Tag said: “The effects of COVID-19 have impacted Gas Tag Ltd significantly, which has led to the business needing to secure additional finance to continue to trade. Despite the hard work and dedication of our teams, Gas Tag Ltd was unsuccessful in securing this finance.”

“Unfortunately, on October 14, 2020, this has resulted in Gas Tag Ltd being placed into administration. The administrators are supporting the business by allowing it to maintain business as usual whilst they seek a buyer.”

“Whilst the past couple of days have been challenging, the business has retained a dedicated team to ensure that our customers and key stakeholders will continue to receive all of their ongoing services and also have continuity of key contact personnel throughout the period of administration. We are grateful for the support we have received during this difficult time.”

According to Gas Tag’s most recently available financial statements, for the year ended March 31 2019, the company reported fixed assets of close to £3.5 million, with current assets of £761,885 and total assets less liabilities valued at around £2.08 million.


View the latest distressed UK businesses here.


Share this article



Latest Businesses for Sale

Provider of Data Cabling & Network Infrastructure
UK Wide

The company designs, installs, maintains and supports structured cabling; local area and wireless networks; CCTV and access control systems; and telephony and internet services. Operating nationally, the company caters to a diverse client base that i...

Asking Price: Offers Invited
Turnover: £3,500,000

FREEHOLD


Provider of Innovative Educational Software
UK Wide

The company has created an innovative and intuitive online learning platform, featuring a diverse range of subjects, such as academic physical education, which is mainly purchased by UK-based secondary schools and overseas British-curriculum schools....

Asking Price: Offers Invited
Turnover: £640,000

RELOCATABLE


A SaaS Provider Offering a Market-leading Mentoring Platform
UK Wide

The company is a SaaS developer offering a proprietary platform that is designed to enable the creation and scaling of internal mentoring, coaching and sponsorship programmes for employees, membership organisations and universities.

Asking Price: Offers Invited
Turnover: £700,000

RELOCATABLE



View more businesses for sale

News Search

Latest News

 
07
 
Feb
 

Administrators exploring accelerated sale of telecoms contractor | ADMINISTRATION

Administrators from RSM UK Restructuring Advisory LLP are se...

 
06
 
Feb
 

M&Co brand bought out of administration, but 170 stores still to close | ADMINISTRATION

Scottish clothes retailer, M&Co has been bought out of admin...

 
06
 
Feb
 

Australian firm announced as preferred bidder for collapsed UK battery start-up | ADMINISTRATION

Recharge Industries has been named as the preferred bidder f...

Free guide: 10 Biggest Buyer Mistakes

Sign up to receive our acquisition alert emails to get your FREE guide

Email


Related News

 
15
 
Apr
 

Flybe relaunch moves closer after sale completes | BUSINESS SALE

UK regional airline Flybe is due to relaunch this year after...

 
12
 
Nov
 

LK Bennett poised to launch CVA | BUSINESS NEWS

Premium womenswear retailer LK Bennett has launched a propos...

 
20
 
Oct
 

Flybe set to fly again after administrators agree sale | BUSINESS SALE

Regional airline Flybe, which collapsed following the onset ...

Want access to the latest businesses for sale?

Business Sale Report is your complete solution to finding great acquisition opportunities.

Join today to receive:

  • Comprehensive range of businesses for sale
  • Make direct contact with business sellers or their intermediaries
  • Access to all UK administrations, liquidations and winding-up petitions
  • Daily email alerts for the latest businesses for sale & distressed notifications
  • Business Sale Report publication posted to you every month
  • Advertise your acquisition requirements on our "business wanted" section

All this and much more, including the latest M&A news and exclusive resources

Become a Member

News Categories

  • - Business Sale
  • - Division Sale
  • - Administration
  • - MBO/MBI
  • - Merger
  • - Commercial Property

View all news

logo
Our Services Distressed Businesses
  • Businesses for Sale
  • Distressed Companies
  • List a Business
  • Help with Finance
  • Buyer Acquisition Service
  • Small Businesses for Sale
Company Buy a Business
  • About BSR
  • Pricing
  • Insights
  • News
  • FAQs
  • Reviews
Get In Touch
020 8875 0200
[email protected]
167 Oakhill Road, London, SW15 2QW
Working hours: Mon-Fri, 9am - 5:30pm
About BSR
Business Sale Report is the UK's leading
independent business for sale & distressed business listing service.
Established in 1995, BSR offers an up-to-the-minute, comprehensive overview of businesses for sale, latest distressed business listings and daily acquisition news.
Subscribe

Subscribe to our newsletter to receive news about the latest businesses for sale.

  • Terms
  • Privacy
  • linkedin
  • facebook
  • twitter
© 1995-2023. Business Sale Report Ltd. All rights reserved. www.business-sale.com.