Sendy Group, a Kenyan technology-based logistics firm, has been placed under administration due to defaulting on its debt.
The High Court on Wednesday, September 27, appointed Peter Kahi of PKF Consulting to run the company with the goal of first turning it around and the possibility of liquidating its assets if the rescue efforts fail.
Kahi will oversee the startup’s outfits including Sendy Kenya Freight Ltd, Sendy Ltd, Sendy Store Ltd, and Sendy Kenya Marketplace Ltd.
“NOTICE is hereby given that Peter Kahi of PKF Consulting (K) Limited, Kalamu House. Grevillea Grove, Westlands and PO Box 14077-00800 Nairobi was appointed as the Administrator of Sendy Group of Companies, comprising 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-PIUQRL9 and Sendy Kenya Marketplace Limited (Under Administration) company number PVT-MKUJX57 on 20 September 2023.” Read a statement put out by PKF Consulting.
Administration is a formal insolvency process that involves an appointed insolvency practitioner taking over the running of a company while a long-term plan for the business is put in place.
Hence, the directors of Sendy are no longer in charge of the day-to-day operations of the organization.
Struggling to Find a Buyer
Sendy had earlier announced that it was looking to sell the business to new investors, indicating that the proposed transaction fell through.
However, it is not clear on the amount of debt Sendy Group is struggling with.
Between August and October 2022, the company laid off 84 employees, about 28 per cent of its 300-strong workforce, in two phases.
In September, the company shut down the last of its Business-to-consumer offerings, becoming a fully business-to-business company, and then shut down one of its core products, Sendy Supply, in October.
CEO and co-founder Mesh Alloys had earlier attributed the layoffs to the current realities impacting tech companies globally.
However, in November, the firm received funding from OL PLUS, the venture capital arm of Japanese transport company Mitsui O.S.K. Lines, Ltd. (MOL).
The undisclosed funding failed to keep the company in business making it go into administration.
