London blockchain startup SETL appoints administrators
SETL, a London-based blockchain startup, has appointed administrators to reorganize the business.
The company said that it was unable to provide the necessary capital required to keep the business going.
As a result it has appointed business advisory specialist Quantuma as independent administrator.
The company appointed a new chief executive, Philippe Morel, who only took over the role last October. It also added, Christian Noyar, a former governor of the Banque de France, to its board in January this year.
“Having made an early investment in the development of ID2S, SETL Development Ltd recognises that as an early stage technology firm it is not sufficiently placed to contribute the capital required”, the company said in a statement on its website.
“As such it is now now seeking to place its ID2S holding with a larger financial services firm, one better placed to provide the capital required to support the growth trajectory.”
Highly complex process
Sir David Walker, the company’s chairman added “Separating the software development business from the investments portfolio is a highly complex process, requiring expert, experienced and neutral management of the interests of all the creditors and stakeholders. The directors are all fully engaged and aligned in this approach.”
Anthony Culligan, the co-founder and largest shareholder added: “I am absolutely satisfied that this is the most positive step for the company and will form the basis of a strong future”.
Andrew Andronikou, joint administrator and Quantuma partner added ‘This marks a significant moment for SETL and we are honoured to have been entrusted to work on behalf of the business and its investors. We are highly experienced in navigating these milestones to ensure that businesses are fit for the future and look forward to helping SETL in its quest for growth.’