Specialist IT recruitment company InterQuest is to receive £1m as an out of court settlement from the vendors of CCL and should receive the money by December 7th 2012.
As a result of the settlement InterQuest has discontinued its warranty claim. The settlement was reached on the basis that the vendors of CCL made no admission of liability or of wrongdoing in any respect relating to the subject matters of the claim.
BackgroundInterQuest purchased the entire share capital of CCL on June 21st 2011 for a consideration of £4m. On August 12th 2011, a major client of CCL terminated its contract with CCL.
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On December 23rd 2011, Interquest announced that it had issued formal notice against the vendors of CCL that it would be pursuing a warranty claim for a repayment of consideration of around £3.8m.
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