Sendy is now under administration to protect itself from creditors and rescue its business after burning through over $1 million in funding.
Going under administration means being put under the control of Licensed Insolvency Practitioners because a business can’t afford to pay its bills when due or when the value of all assets is less than that of outstanding debt.
Kenyan logistics startup looked promising until the COVID-19 pandemic started and many supply chains suffered disruptions that also affected the manufacturing and retail industries which are the sectors with most of Sendy’s clients.
The company faced significant setbacks, such as a 20% reduction in its workforce in 2022 and the termination of its operations in Nigeria. After unproductive efforts to find a buyer, if going under administration doesn’t work, the company may be forced to liquidate its assets.
Peter Kahi of PKF Consulting (K) Limited is the administrator. He once served as administrator of the Nakumatt supermarket in 2018 and Britania Foods Limited in 2021 which are no longer in business.
A notice issued by Sendy reads: “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,”
“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 had been exploring buyout options with potential companies like Sabi and Wasoko. However, the potential buyer’s concerns about assuming the company’s existing liabilities might have led to the unfruitful outcome.
Sendy’s directors no longer have the authority to oversee these matters. The administrator (PKF) has assumed control over the management of Sendy’s affairs, businesses, and properties.
Based on the aforementioned 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. Meaning that the administrator is acting as a representative of Sendy and is not personally liable for any contacts made in this capacity.
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