Final sign-off for the sale of S Central’s business assets to Brennan IT has been held up as issues between the integrator’s book debt receivers, banking facility and directors are debated.
Brennan IT managing director, Dave Stevens, confirmed the deal had undergone several delays and was not yet completed, but remained confident it would eventually gain the tick of approval.
S Central announced the sale of its business assets to Brennan on November 2. It was initially expected to be completed shortly afterwards.
Negotiations over whether Brennan would assume responsibility for chasing up S Central’s debts eventually stalled and receivers, Deloittes, were brought in across book debts on November 20.
“The thing hindering it up are the complexities between NAB, Deloittes and S Central directors,” Stevens said. He declined to detail any specifics of those discussions.
“We are progressing regardless of completion – we’re not relying on the agreement being executed, we’re just getting on with the job of servicing customers.
“We want to get it done, but there are parts of the business working to a different timetable than we are.”
In the meantime, S Central staff have transferred over the Brennan.
Stevens said he was also seeking legal advice in an effort to gain more information and closure for employees with outstanding entitlements through the Government’s GEERs program.