Torpedo Factory Group buys Vanti out of liquidation

Torpedo Factory Group buys Vanti out of liquidation
The assets of UK-based systems integrator and smart builing specialist Vanti have been bought out of liquidation for an initial £37,000 (€43,000).

Torpedo Factory Group, part of Aukett Swanke, a company providing smart buildings, architectural and design services, has bought certain assets of RTS, the Birmingham company which trades as Vanti.

Vanti was founded in 2006 but due to a lack of funding was liquidated on 18 March. According to a statement by Aukett Swanke, released to the London Stock Exchange, “The group intends to employ new staff to be based in a new Birmingham office, to be leased from a third party, to form the core of the group’s smart buildings offering.”

An additional £50,000 may be payable over the next 18 months, dependent on the satisfaction of certain financial performance conditions deriving from the transfer and retention of certain RTS clients.

Aukett Swanke also said it would raise up to £425,000 through the issue of new equity for the purposes of providing the group with working capital for its increased scale.  Of that figure, £275,000 is being raised by way of direct subscriptions by certain existing and institutional investors, while certain directors and managers of the group have indicated their intention to subscribe for up to £150,000 on the same terms as the investors. The group expects to report a loss for the first half of the current financial year, with a stronger performance in the second half.

Nick Clark, chief executive of Aukett Swanke, said: “Vanti has been known to the management of our Torpedo Factory Group business for many years. They are well known in the smart buildings sphere, having been contributors to the recent RIBA publication Smart Building Overlay to the RIBA Plan of Work and spoken at this year’s Smart Building Conference in Barcelona.

“Despite its apparently small scale, this purchase provides us with access to a wealth of experience in the delivery of smart building systems. We are delighted to be expanding TFG’s interests to the West Midlands with the opening of a Birmingham office, and to welcome former Vanti employees to the group. We are also excited by the opportunities for the software assets.”

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