Distributor Entatech UK Ltd has today announced the settlement of its legal battle with the liquidators of Changtel Solutions.
Entatech's previous owner was caught up in a long-running court case between his former business Changtel Solutions and HM Revenue & Customs (HMRC).
While this has now been settled, Enta has also confirmed a change of ownership.
The company is now solely owned by Stevinson Capital Limited - a company fundamentally controlled by Entatech MD Dave Stevinson.
While he wouldn't mention any specific figures, Stevinson confirmed to PCR that Stevinson Capital has become the owner of Entatech for an undisclosed fee.
Stevinson Capital is run by Dave Stevinson, his family and other shareholders, and owns other companies including Enta.
Dave Stevinson told PCR that he likes buying companies, and is looking to move forward with "pace and enthusiasm" now that the legal battle with the liquidators of Changtel is over.
He released the following statement: “I can confirm that today the liquidators of Changtel Solutions UK Limited have formally agreed a full and final settlement of all and any actions, claims, counterclaims, rights, demands and set offs that it had against Entatech UK Ltd.
"Over the past few months we have endured a lengthy, challenging and complex deal involving multiple firms of lawyers, yet we truly believe the settlements eradicates all uncertainty and has the vital components of affordability and flexibility, enabling Entatech to go forwards with purpose and confidence. It has been a privilege to collaborate and interact with the high calibre of individuals engaged on this deal.
“Personally I am very relieved, having dedicated a year of my life to this project. It has been a fantastic learning experience, almost like completing a second MBA.
"As you can imagine, I am highly motivated to start working back in the business and executing our future vision for Entatech.”
Yesterday, PCR interviewed Entatech's new head of retail Alicia Shepherd, who said that indies are as important as larger multiples to the distributor.
Further reading: Dave Stevinson on Enta's cloud strategies and plans for the future