An e-learning company has fallen into administration.
Rebecca Dacre and Guy Hollander of Forvis Mazars were appointed as joint administrators of Oxbridge Ltd, trading as Oxbridge Home Learning, on October 1.
The Birmingham-based business offered online courses such as GCSEs, A-levels and vocational qualifications in a broad range of subjects but ceased trading in early September.
A statement from administrators said the move was as a result of "significant cash flow pressures" which led 11 members of staff being made redundant at the firm which is based at the Mailbox complex.
Forvis Mazars said it undertook an extensive marketing exercise throughout August and September in a bid to find a buyer for the business and its assets through a potential pre-packaged sale and administration.
Sign up for your free West Midlands newsletter and follow us on LinkedIn
Email newsletters
BusinessLive is your home for business news from across the West Midlands including Birmingham, the Black Country, Solihull, Coventry and Staffordshire.
Click through here to sign up for our email newsletter and also view the broad range of other bulletins we offer including weekly sector-specific updates.
We will also send out 'Breaking News' emails for any stories which must be seen right away.
For all the latest stories, views and polls, follow our
The statement added: "Following a period of negotiation, and given that the business was no longer trading, the assets were sold to two separate purchasers immediately after the joint administrators' appointment.
"One of these purchasers acquired the website, domain names and the trading style 'Oxbridge'.
Most Read
"They have agreed to keep the learning portal accessible to students until July 2026 however, no tutoring, marking or examination services will be provided.
"Due to the substantial level of debt within Oxbridge, no repayment to unsecured creditors is currently anticipated."
A separate report posted on Companies House by Forvis Mazars estimates that around 5,600 students have possibly been left with unfulfilled courses and it is not able to say how much money they are owed.
A summary of trade and expense creditors says the company owes £2.56 million including to a list of named tutors, £739,000 to HMRC and £197,000 to Google.
Oxbridge was founded in 2016 by Matt Jones and offered virtual learning using artificial intelligence which was carried out at the individual user's pace, with access to real-life teachers if required.
Mr Jones is one of the buyers referred to in the statement by Forvis Mazars.
Reports suggest some students could be left thousands of pounds out of pocket as they are not classed as secured creditors while online review website Trustpilot is awash with negative posts about the company.
Don’t miss
A statement from Oxbridge said: "We have tried everything possible to save Oxbridge including, on the advice of experts, actively seeking a buyer based on it remaining an active and going concern.
"This meant operating as best we could and continuing business as usual to maximise the chances of securing an acquisition.
"Sadly, no suitable buyer was found for the organisation as a whole during this time and we have therefore had to appoint administrators.
"Although the business as a whole could not be saved, several buyers - including Matt Jones - stepped in to preserve as much as possible, safeguarding jobs and allowing continued support for students, many of whom have since received their certificates.
"We deeply regret the impact this will have on our students and staff which we are trying our best to mitigate. We are also truly sorry for the disruption and disappointment this has caused."
Students who are owed courses, marking or exams should have received guidance from the joint administrators on how to register their claims. Any students who have further questions should contact oxbridge@mazars.co.uk