Home > News > February 2004 > 16-Feb-2004

MCR sells KnowledgePool to Root Capital

Menzies Corporate Restructuring (MCR) has announced that KnowledgePool Limited, the IT training company, was sold to private investment firm Root Capital on 10th February. The new company will use the trading name Knowledgepool and work with the existing management team. The business was sold as a going concern following MCR's appointment as administrators on 20 January 2004.

Eight of the former members of the management team will continue to manage the business day to day. The Board of Directors will include Michael Copestake as CEO, Andy Thomson as CFO, and from Root Capital, Edward Mallinckrodt and Simon Philips, who will become Chairman.

Andrew Stoneman says, "Once we had reached the decision that a Company Voluntary Arrangement was not viable, we had to sell the business. The sale of the business has enabled us to keep it intact and save the majority of jobs. We believe this is the best outcome because it will maximise the recovery to all classes of creditors."

"Root Capital has a good track record of management in the technology and services sectors. We wish the new owners well with their new venture and would like to confirm that creditors can expect to receive a report from the Administrators within two months detailing the likely dividend prospects. We would like to thank all the customers, contractors and employees that worked with us during our trading period."

Simon Phillips said, "We see Knowledgepool as a company with plenty of potential. It has all the ingredients, tremendous products, good reputation and a great team. Our ambition is to build on the Knowledgepool brand and grow the company as a long term investment."

Stoneman added, "The sale of KnowledgePool indicates that there is increasing confidence in investment in the IT and technology services sector that commentators have been predicting since the start of the year."

Root Capital was formed in 2002 to provide operational private equity to the UK technology and services sector.

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