Torridon buy-out team seeks funds

Fifteenseven can trade until the middle of next year

The new management team at Fifteenseven, the phoenix that rose from the ashes of failed media connectivity vendor Torridon, has claimed that it has enough funds to keep trading until the middle of next year.

Former Torridon chief financial officer Simon Hollingsworth, who is now a director of Fifteenseven, told vnunet.com's sister publication Computer Reseller News that, although the new company is seeking additional funding, it has enough cash available.

"We are now a completely pure-play technology business with no peripheral baggage, and we can go forward with the right technology, growth and development," he said.

Fifteenseven was created from a management buy-out (MBO) of the intellectual property and other assets of Torridon earlier this month. Torridon had focused heavily on intellectual property licensing, but its failure to raise enough capital to continue operating had forced it into provisional liquidation.

Dave Flack, sales and marketing director at distributor Memory Plus, said: "If Fifteenseven has a unique product offering that it can secure a licensing deal on, it has every chance of making it a success."

However, he questioned how confident the MBO team was of succeeding where Torridon had failed.