Quantuma delivers sale of CodeClan Limited assets to CodeBase

Joint provisional liquidators from Quantuma have delivered the sale of CodeClan Limited’s intellectual property to CodeBase, a tech start-up incubator. On 24 August, CodeBase acquired CodeClan’s training materials and other assets from its liquidator firm. The sale will enable around 80 CodeClan students to complete their courses from one of CodeBase's sites, and discussions are underway to re-establish a digital training facility. The transaction was delivered to a tight timetable by Quantuma's managing directors and insolvency practitioners, Craig Morrison and Scott Milne, who were appointed as joint provisional liquidators for CodeClan Limited on 4 August. Specialists at Quantuma managed the sales and marketing process for the CodeClan assets to identify the most suitable buyer using the firm’s extensive network of buyers and investors. Established in 2015 with Scottish government seed funding, CodeClan focussed on bridging the critical digital skills gap in Scotland and supporting a new generation of digital talent. CodeClan provided training from sites in Edinburgh, Glasgow and Inverness. The business was significantly impacted by Covid, and challenging recent market conditions also hit the turnover. A lack of cash flow has resulted in the company being placed in liquidation and immediately ceasing to trade in early August. Morrison said: “Mindful of the students impacted by the CodeClan business closure, it became clear that several interested parties might be able to assist those students. “We were quickly able to run a sales process and thereafter complete a sale in a relatively short timescale and I am very pleased that the Quantuma team was well placed to make this happen.” He added: “I am delighted to complete the sale to CodeBase which will hopefully provide a solution to many of those students who were affected and who have faced a disrupted and uncertain few weeks.”