Leisuretech Settles After New Valuation

According to Leisuretech CEO Andrew Goldfinch Armour Group has accepted a 15% increase in the valuation of the Company.

Last month ChannelNews exclusively reported that a new valuation had emerged and that the parties were back discussing a settlement.

Last year Leisuretech lost a lengthy legal battle against the Armour Group when the UK High Court ruled that the Leisuretech A-BUS patent was not valid in the UK. Armour is also challenging the Companies European patent.
Shortly afterwards Leisuretech was suddenly placed into administration leaving being two core creditors, the Armour Group and his UK solicitors Allen & Overy and the Australian Tax Office.

Within hours of Leisuretech being placed into administration a new Company emerged also called Leisuretech. The Company that had the same directors as the old Leisuretech also had all the remaining assets of the old Company with the exclusion of close to $2M in liability the Armour Group and his UK solicitors Allen & Overy and the Australian Tax Office.

Central to the argument between Leisuretech and its creditors was a valuation that Goldfinch and his accountant partner Jonathon Rich generated which valued the assets of the old Leisuretech business at $2M.