Electric Guitar announced on Friday that its primary operating subsidiary 3radical was set to enter creditors’ voluntary liquidation (CVL) after failing to secure a buyer for its business as a going concern.
The AIM-traded firm said that despite a marketing effort conducted with KRE Corporate Recovery, no offers were received for the subsidiary, which had struggled with revenue and new business generation falling significantly below expectations.
It said the decision to liquidate followed Electric Guitar’s inability to provide additional funding to 3radical due to capital constraints.
Efforts to secure external investment to sustain 3radical or to advance the company’s buy-and-build strategy in advertising and marketing technology…
