Bactest sinks into liquidation
Cambridge-based Bactest, which commercialised microbiological water testing products Speedy Breedy and Shepherd, has ceased trading.
The company is likely to go into liquidation on May 15. Insolvency practitioners at PEM in Cambridge are in the process of setting up meetings with creditors and shareholders to outline the financial position. Staff were summoned to a surprise meeting and made redundant.
PEM tells Business Weekly it hopes to find buyers for the core technology which has demonstrated demand from international clients.
Insiders reveal that while there should be enough money to pay the main creditors, it is unlikely any funds will be left to honour debts to shareholders.
They say that recent attempts to raise funds, either from existing shareholders or new investors, proved unsuccessful. Directors explored a potential sale of the company but to no avail so reluctantly concluded the business was no longer a going concern.
In all, Bactest has three products which it believes serve a clear market need. Significant clients use the products and rate them.
According to a major player within the business, “the challenge has been that, despite the company’s best efforts, the sales cycle has proven to be impossibly long and we have been unable to bridge the funding gap between demonstrating a new technology and getting it accepted as a proven, fully commercialised product.”