Bristol tech firm 3radical collapses as parent company suspends shares on AIM

A Bristol data and technology company has fallen into administration months after being acquired for £1.28m in a reverse takeover deal. South West-based 3radical - the main subsidiary of digital marketing firm Electric Guitar Plc - has instructed Paul Ellison and Christopher Errington of KRE Corporate Recovery to market its business and assets for sale.

It is understood that KRE will be appointed administrators with a view to completing a pre-packaged sale of 3radical. The decision was made with the agreement of Electric Guitar's board after the firm struggled to raise equity funding.

The news comes just two days after Electric Guitar suspended its trading of shares on AIM as it seeks to clarify its financial position.

Electric Guitar has been working on a so-called buy and