ReSolve assists Cloudview UK sale
Without this sale, the employees would likely have been made immediately redundant and the intellectual property rights sold to the highest bidder in a liquidation procedure
ReSolve has announced the sale of the business and assets of Cloudview Holdings and Cloudview UK Limited to CloudVplus Holdings.
ReSolve was engaged in February 2023 to assist the company with an accelerated M&A process, seeking urgent rescue capital or a sale of the business and/or assets.
Several interested parties came forward with an offer subsequently received for the business and its assets. The offer included a non-refundable deposit which was vital as it allowed for the payment of arrears owed to Cloudview’s employees.
Without this sale, the employees would likely have been made immediately redundant and the intellectual property rights sold to the highest bidder in a liquidation procedure.
Cloudview operates a high tech, cloud-based video surveillance system that enables companies to safely monitor their premises whilst complying with relevant corporate governance requirements.
The company has operated since 2010 however, over recent months Cloudview was up against many of the same cost headwinds other medium-sized businesses across the UK were facing, with significant cash pressures as a result.
Ben Woodthorpe, partner at ReSolve and joint administrator, said: “We are delighted to have found a buyer for Cloudview which has saved the jobs of its employees and provides a platform for fresh investment. This was a challenging situation with the sale needing to be
done on an accelerated timeline and it is a testament to the skill and hard work of the whole ReSolve team that we achieved this positive outcome.
“This sale demonstrates ReSolve’s particular expertise in this area and it is great that we have once again been able to save an innovative UK business.’’
Robert Petch, director at CloudVplus Holdings, added: “We thank ReSolve for its efficient support throughout this difficult process. Cloudview was impacted by significant factors outside its control, and we are grateful that this result has saved its business. We look forward to working with the team and we are excited to see what lies ahead for the company.”
