Mon, 30 Jan 2023 | ADMINISTRATION
The assets and intellectual property of disability equipment supplier Staels Design Ltd, which trades as WheelAir, have been put up for sale after the company appointed liquidators. The Glasgow-based company had suffered funding issues which prevented it from being able to continue trading in its current form.
The company developed a range of products used to regulate the temperature and moisture levels of people who use wheelchairs and are at greater risk of overheating. Its best-known product is the WheelAir system, a cooling back rest cushion that can be retrofitted to all wheelchairs.
The system, designed in collaboration with wheelchair producers and Paralympians, uses inbuilt fan technology to disperse air evenly across the surface of the seat in order to lower temperatures and remove excess moisture build up.
Interim liquidator Donald McNaught, a restructuring partner at Johnston Carmichael, said that the product was the result of years of research and development, as well as nearly £1 million in investment. The technology had attracted offers from investors Deborah Meaden and Peter Jones when company founder Corien Staels appeared on the BBC’s Dragons Den.
Donald McNaught commented: “Following funding issues, WheelAir is unable to continue trading in its present form, but offers a very exciting opportunity to acquire an established business with an innovative market-ready product and unique intellectual property with the potential to transform the lives of wheelchair users. Interested parties have until Wednesday 8 February to place a bid.”
In the company’s most recent accounts, for the year ending December 31 2021, Staels Design Ltd’s fixed assets were valued at £59,173 and current assets at £467,501. At the time, the company’s net assets amounted to £91,094.
Find out more about rising levels of insolvency action in Scotland.
Click here to view the UK's latest distressed businesses.
View recent UK administrations.
Also read: Intellectual Property in M&A - key due diligence considerations
Download the free PDF guide: Due diligence for business buyers: intellectual property
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...
Project Sidra provides a wide array of speech-to-text solutions through its innovative technology, which is integrated in organisations across the public and private sectors. The feature-rich solution is driven by a combination of transcriptionists a...
This is a rare opportunity to acquire the trade and assets of a company providing technology software services throughout the uk and globally.
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.