Library House sold by administrators
7/1/2009
Library House, which provides information on high-tech businesses to the venture capital industry, has been sold by administrators Neil Bennett and Michael Healy of Leonard Curtis who were appointed joint administrators on 23 December 2008.
The Cambridge based business, which was founded by Dragons Den member Doug Richard who took part in the first two series, had a turnover of £2 million for the year ending 30 June 2008
"This business had been spectacularly successful," comments Neil Bennett, "but as the credit crunch has bitten, its main market, venture capitalists specialising in innovative technology, has changed. Most VCs are concentrating on preserving rather than expanding their business and, though the company had begun extending its focus, it has been caught, like so many others. The initiatives undertaken, which under normal circumstances could expect to be wholly successful, have, under the current financial and economic conditions, not proved to be viable.
"We had been in discussions with a number of potential purchasers," Mr Bennett continues, but the sale of the business as a going concern proved not to be possible, even though we contacted numerous interested parties including competitors and investors. We did however receive several offers for the assets of the business, and a sale of those assets to Dow Jones' Financial Information Services division, has now been concluded. Library House worked on the cutting edge of green technology, providing news and information on the most innovative European companies, and its data and capabilities will prove invaluable to the purchaser."
