Secure Electrans Limited call in administrators Leonard Curtis Business Solutions Group
Alex Cadwallader and Andrew Duncan, directors at Leonard Curtis Business Solutions Group, were appointed joint administrators to Secure Electrans Limited on 17 March 2014. The Cheshire-based company is a payments and technology software house, which employed approximately 30 full time members of staff.
Secure Electrans integrates two previously unrelated technologies: secure online payment services and energy management. The business initially focused on developing technology linked to smart meters and the transfer of meter readings, and has evolved to provide a range of secure online card payment services to tackle the problem of card not present (CNP) fraud.
The business was incorporated in 1999 and owns various international patents that cover both the way CNP transactions can be guaranteed and the management and transmission of payment/energy data from the home through secure online payment services.
Secure Electrans also has a number of international accreditations for its products and associated technologies under its belt. A total of £13m has been invested in its products and systems since inception.
Last year, the management team made efforts to reposition the company around commercial trading and invited shareholders to provide more working capital. During this time, the company was also approached by a potential buyer. The Board failed to secure the key investment required this month and the potential buyer decided not to proceed with the deal.
The Board was left with no option but to put the company into administration.
Alex Cadwallader, director at Leonard Curtis Business Solutions Group, says: “We are now working closely with the management team with a view to not only selling the core business and assets of the company, but also the impressive patent portfolio it has developed.”
He added: “It’s clear that these patents hold a significant amount of value. We are working to ensure that the value of these is firstly protected before it is realised. Expressions of interest are currently being invited.”
