Hilco Streambank was appointed by James Sleight and Peter Hart of PFK Geoffrey Martin & Co Limited, the Joint Administrators of Esquared Technologies Limited (in Administration) to seek interested parties with regards to the sale of the intellectual property assets.
The sale 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 the ‘Esquared’ brand, registered trade marks, software domains, copyright in web content, social media accounts and partnership relationships.
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.
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.