Picsel administrators sell assets to former managers

Former managers of Picsel Technologies Ltd have stepped in to buy up the assets of the defunct software development company, including the patent portfolio and the 50 remaining employees.

Glasgow-based Picsel went into administration in July, when PricewaterhouseCoopers was appointed as administrator and set out to find a buyer for the company. At that time 35 staff got laid off.

But the 50 who remain will now transfer to a company called Hamsard Limited which has been set up by former members of the Picsel management team, PWC said in a statement.

Companies House does not list a Hamsard Limited so we can't tell you which members of the former Picsel management are involved.

We have been told that as part of the deal those 50 employees will receive the wage arrears owed to them. There's no word about ex-employees owed money by Picsel, or of the seven employees who saw the company at various employment tribunals over the last few months.

PWC said the deal have been achieved with funding support of two major creditors of Picsel.

We look forward to reporting on developments at Hamsard, and hopefully filling in a few of those blanks, soon. ®