Advice..Worthwhile selling failed tech company (ltd co) with accumulated losses but no debts

[JPUK]

Hi all,
I am part of a tech company that sadly has failed due to numerous reasons (the main one being inability to find reliable IT developers and our head developer having mental health issues and leaving), unfortunately despite the fact the business has an extremely exciting business model that could work very well, we have been let down countless times (you honestly wouldn't believe the stories) by developers to build the platform and have now run out of money - and obviously pretty hard to get investment without a working Proof of Concept...

So sadly it seems we may have to admit defeat for the time being. The company started around 4 years ago and has had no income but has accumulated losses of c£200,000 but has no debt.
Rather than just dissolving the company do people think there would be value for someone to buy the company given it has history, not sure if the accumulated loss has some value for offsetting future profit etc? What would people do, and if it does have a value to sell any idea where to advertise this?
Many thanks for the help.

 

[fisicx]

If you couldn’t find developers who could build the product what makes you think someone else would have better luck?

Do you have a MVP to show prospective buyers? Do you have letters of interest or equivalent from potential clients?

 

[Socio South West]

How long is it going to take to find and convince a potential investor of proof of concept? How much will the debt appreciate in that time? The existing company is worth £1 at best.

My advice would be to liquidate as soon as possible, and expend your energies in a restart with new developers/ partners who have better recruitment resources than the current set up.

 

[Gecko001]

If you have something that another company wants then you might get something, but an open forum like this is probably not somewhere you want to discuss what that something is.

I assume you have already discussed various options with your accountant and are now looking for people in your own sector to help out as they are likely to be the people who would be interested in your firm, whether it be buying it or merging it with their company.

An accountant has to keep anything you say to him/her as confidential, but people in your own sector cannot be relied upon to treat information you give them with the same confidentiality. However firstly, you might be surprised how much respect they will give you and hence keep confidentiality. Secondly, what harm can it do as most things will be out in the open if you fold?

 

[Paul Kelly ICHYB]

I know that this is not an answer to the question, but @JPUK on a separate post, should you please tell your story? I think it could help others in their business journey.