15 July 2009
Cartwright and Graham Frost of PricewaterhouseCoopers
LLP in Scotland were appointed as Joint Administrators
to Picsel Group Limited and Picsel Technologies
Limited (Picsel) on 15 July 2009, companies owned
by millionaire Scottish businessman Imran Khand.
The company, which last year won the Queens
Award for Enterprise, employs over 70 staff at
its headquarters in Glasgow, Scotland and in offices
throughout Japan, China, Korea, Malaysia and the
US. The administration of Picsel was triggered
by cash flow crisis.
Khand has been embroiled
in the sleaze row over funding of the Labour Party.
He was revealed as being the main funder of 'Muslim
Friends of Labour' which was reported by 'The
Times' newspaper as making a donation to the Labour
Party of £300,000 in late 2007. An investigation
is currently underway.
Picsel was established in
1998. A mobile solutions provider, Picsels
pioneering software brings content on mobiles
to life regardless of screen size, platform or
network. The Companys software can be found
on over 250 million devices worldwide with leading
customer brands including Motorola, Nokia, Palm,
Samsung, Sony Ericsson and Sharp.
Graham Frost, joint administrator
and director in PwCs Business Recovery Services
team in Scotland, said: The Group has grown
successfully over the last 10 years and is well
regarded by its customers. Unfortunately, in this
economic climate, it has proved harder to secure
sequential contracts and as a result the Groups
income stream has stalled."
Our immediate focus
will be to review the business and create a new
cost and funding structure. We believe this presents
an opportunity for an industry player to acquire
a business that is strategically important both
in terms of technological expertise and creativity.
With the support of
key customers, we hope to trade the business for
a period of time whilst a buyer is sought.
On 17 July 2009, Khand was
removed as CEO of Picsel Technologies Ltd by the
administrators, Pricewaterhouse Coopers although
he remains as CEO of the shell company Picsel
(Research) Ltd which is thought to own the patents
developed by Picsel Technologies Ltd.
Imran Khand was the Chief
Executive Officer and Co-Founder of Picsel Technologies,
a company that creates mobile software. He is
also the Chairman of Jabbar Group & Intermedical
Holdings, which deals in a wide range of business
activities including technology, architecture,
master planning, city development, corporate and
retail travel, human resource management, media,
leisure and international property investment.
Khand established two successful
technology companies prior to co-founding Picsel
in 1998. Before that, Imran led a Scottish Government
initiative for the development and training of
young people, and was actively involved in a number
of other government and community joint ventures.
Khand has a degree in Computer Science from Paisley
Imran has maintained a keen
interest in the charitable sector, which has led
to the creation of a network of hospitals and
universities in the Indian sub-continent, education
development in China, and a series of UK-based
community projects which have been designed to
target underprivileged sectors of society, with
particular interest in young people, the elderly,
orphanages and women's centre support in Tanzania
and Ghana. He is also involved in funding a number
of other research enterprises.