Silicon Practice Limited is acquired after falling into administration
Silicon Practice Limited, the provider of video consulting and digital services to GP practices, has been acquired after falling into administration.
Rob Coad and Sam Talby, insolvency practitioners at undebt.co.uk, were appointed joint administrators of the firm and helped to oversee the acquisition.
With the collaboration of key stakeholders, the two administrators were able to preserve the business and essential digital health services of the company and preserve all 24 jobs through the sale of the business and assets via a ‘pre pack’.
It is also estimated that the preferential claims of HMRC will be paid in full and dividends to ordinary creditors will be made in due course.
Shakespeare Martineau acted as legal adviser to Rob Coad and Sam Talby and PDS Valuers assisted in the marketing and sale of the business and assets.
If they had not been able to sell via this methodology, insolvent liquidation would have been the only alternative with zero return to creditors, redundancies, and disruption to digital services.
The business and assets were acquired by Schappit Limited t/a Piota with the backing of NED Holdings.
Commenting on the acquisition, Stephen Whyte, NED Holdings Chairman, said: “As an experienced buyer of distressed B2B software businesses, we were very impressed with the professionalism and flexibility of Sam Talby and the Undebt team to achieve an excellent outcome for all stakeholders.”