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Esquared Technologies Limited

Background

In March 2019 Hilco Streambank was instructed by James Sleight and Peter Hart of PKF Geoffrey Martin & Co Limited, the Joint Administrators of Esquared Technologies Limited (in Administration) (“Esquared” or the “Company”) to seek interested parties with regard to the sale of the intellectual property assets of Esquared, which included the Company’s app-based platform which connected users with a variety of fitness classes and gym sessions.

Esquared was a tech-based fitness marketplace that enabled users to book on-demand classes and gym sessions. This tapped into the shift in consumer demands for drop-in style workouts and a pay-as-you-go model as opposed to the traditional rigid subscription model. Operating through an app-based platform called ‘Esquared Fitness’, the platform monetised unsold capacity and acted as an additional avenue for fitness venues to connect with potential users. Assets available for sale included goodwill rights in ‘Esquared’ brand, registered trade marks, software, domains, copyright in web content, social media accounts and partnership relationships.

The Process

We conducted a comprehensive sales and marketing exercise, reached out to potential buyers in our bespoke database with a marketing teaser and shared the Esquared opportunity on our website.

Outcome

We successfully completed a deal with the highest bidder, a party introduced by Hilco Streambank, following several offers for the intellectual property assets of Esquared being received, and coordinated a swift completion of the sale.