Toople PLC on Wednesday said it has entered into a creditors voluntary liquidation, effective immediately, following the sale of its main trading subsidiaries.

The Letchworth Garden City, England-based telecom services appointed FRP Advisory to conduct the liquidation process.

Toople said it expects the listing of its shares to be cancelled in due course, and any residual value will be distributed to shareholders.

Toople’s shares were suspended on October 19 after reporting plans to appoint administrators. The company said it was unable to raise the required financing to complete an acquisition and to raise working capital to support the enlarged group.

Toople sold the trade and assets of its two trading subsidiaries, toople.com and Direct Market Services, last week Friday through a pre-pack administration to an existing operator, to continue serving the group’s broadband customers, resellers and direct customers.

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