Liquidation looms after no offers received for technology firm

Bristol technology firm 3radical is to enter liquidation after no offers for the business as a going concern were received.

It comes just eight months after the audience engagement platform was bought by listed cash shell Electric Guitar as part of a buy-and-build strategy.

However Electric Guitar has blamed 3radical’s “revenues and new business generation being significantly below expectations” while the new owner struggled to raise funds after its own share price plummeted.

Electric Guitar’s shares remain suspended on AIM with the company’s financial position being unclear. It has “minimal” cash balances and known creditors of £1m.

Electric Guitar had been seeking additional capital without success either to continue to finance 3radical’s business, or to pursue its advertising and marketing technology buy-and-build mission.

It had then been working with KRE Corporate Recovery to find a buyer for 3radical but “a number of enquiries and discussions” did not result in an offer to take the business on.

3radical will now be placed into creditors’ voluntary liquidation (CVL) later this month. As a result of the CVL, Electric Guitar expects to incur a write-off of approximately £1m from the loans owed to it by 3radical.

3radical has created and proven a Software as a Service platform, 3radical Voco, which enables organisations to engage individuals and request their data directly using progressive and interactive digital experiences, at scale.

The platform is deployed by some major brands in the UK, US and APAC, with its scalability and robustness proven by demanding clients across financial services, online gaming and e-commerce sectors, amongst others.