Creditors approve 3radical’s liquidation

Bristol technology firm 3radical has entered liquidation after no offers for the business as a going concern were received.

The decision was confirmed yesterday after being approved by creditors.

Christopher Errington and Paul Ellison of KRE Corporate Recovery have been appointed as joint liquidators of 3radical.

It comes just eight months after the audience engagement platform was bought by 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 has “minimal” cash balances and known creditors of £1m. The AIM-listed company currently has its shares suspended and following the failure of 3radical is now classed as a cash shell.

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 had 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.