Data management firm set to call in administrators
A Coventry data, analytics and ERP firm that has offices throughout the world, looks set to call in administrators.
TheBusinessDesk.com understand that Kagool, which was set-up in 2004 and is based at the 68,000 sq ft Friars House in the city, has filed for administration through London law firm Francis, Wilks & Jones.
As well its Coventry HQ, Kagool also has offices in London, Chicago, Dubai, Qatar, Kuala Lumpur, Singapore, Philippines, Hyderabad, Pune and Mexico.
A statement on its website says: “We empower clients through cloud platforms and emerging technologies by understanding complex challenges to make informed decisions and accelerate potential business value.”
In its latest available accounts, just filed at Companies House, for the year to July 2022, Kagool had assets of just over £5.8m while creditors were owed £5.5m.
The company employed around 190 people at the time.
A statement from Kagool UK said: “Kagool UK operations are designed to deliver across the UK and EU markets.
“Due to a significant decline in customer IT investments across the UK/EU over the past 12 months our UK operations are no longer viable in their current form, as a result we are reviewing restructuring options.
“Any restructuring will only impact UK operations, other international operations will remain unaffected.
“In tandem, as our UK revenues have shrunk, our non-UK revenues have grown considerably. As a result, the majority of UK employees today actually work on non-UK projects for other Kagool global group companies (eg Kagool UAE/USA) where IT investments continue to grow sharply in these regions.
“In addition since moving our global R&D centres to the UAE 12 months ago, we have seen accelerated product innovation through significant government investment and support way beyond what could be achieved from developing within the UK. These factors combined are driving a shift of intellectual capital away from the UK into regions such as the UAE.
“UK employees are being remapped and relocated to other Kagool companies to continue the amazing delivery support for our international customers, as a result we expect to retain most if not all headcount affected by any restructuring.”
