Sendy is now under administration to save its business. If this doesn’t work, the company may be forced to liquidate its assets.
Yesterday, TechCabal exclusively reported that logistics firm Sendy was going into administration; at that time, it was unclear which company had been appointed as the administrator. But a document seen by this publication has shown that Peter Kahi of PKF Consulting (K) Limited is the administrator. Peter Kahi also served as administrator of the now-defunct Nakumatt supermarket in 2018 and Britania Foods Limited in 2021.
“Notice is hereby given that Peter Kahi of PKF Consulting (K) Limited, Kalamu House, Grevillea Grove. Westlands and P 0 Box 14077-00800 Nairobi was appointed as the Administrator of Sendy Group of Companies,” read the notice. “Sendy Kenya Freight Limited (Under Administration) company number PVT-Q7UDVX5. Sendy Limited (Under Administration) company number CPR/2014/140428, Sendy Store Limited (Under Administration) company number PVT-PlUQRL9 and Sendy Kenya Marketplace Limited (Under Administration) company number PVT-MKUJX57 on 20 September 2023,” read the notice.
Sendy is now under administration despite its efforts to find a buyer after burning through $22 million in funding. The company faced significant setbacks, such as a 20% reduction in its workforce in 2022 and the discontinuation of its operations in Nigeria. During its most challenging period, Sendy’s monthly burn rate hit $1 million. Sendy had been actively exploring buyout options with potential companies like Sabi and Wasoko. However, an insider familiar with the negotiations revealed that these companies decided against acquiring Sendy, citing concerns about assuming the company’s existing liabilities.
The administrator (PKF) has assumed control over the management of Sendy’s affairs, businesses, and properties. As a result, Sendy’s directors no longer have the authority to oversee these matters. Per the notice, any party holding a claim against Sendy must submit their claim in writing, along with the necessary supporting documents and proof of debt form, to the administrator by 19 October 2023 for review. This means that the administrator is acting as a representative of Sendy and is not personally liable for any contacts made in this capacity.
“Company administration is basically an arrangement where an administrator/insolvency practitioner resuscitates/revives the company. This usually happens when the company faces a tough patch, indebtedness, etc. So, the administration is an arrangement to get the company running optimally again,” a lawyer with experience with insolvency and administration told TechCabal.
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