JOINT ADMINISTRATORS from FRP Advisory have sold the business and assets of Northampton-based The Bridge Networks North Limited out of administration, saving 28 jobs from the dole queue.
The successful sale of the telecommunications and broadcasting services business to Wiltshire-based Virtua UK Limited saved the engineering, infrastructure and installation service provider to the communications sector company, founded in 2007.
The business won a series of installation and services contracts across the broadcast, telecomms and public sectors, but despite recent projects securing future revenue, “profit margins were impacted putting unsustainable pressure on the company’s cash flow”.
And despite management attempts to restructure the business it was “insufficient to turnaround the financial performance and with no other options to secure on-going trading available, the directors sought protection of a notice of intention to appoint administrators, while marketing the business for sale”.
Following an accelerated sales process, several parties signed non-disclosure agreements and gained access to further company information which lead to a number of offers being submitted. Upon the appointment of administrators, the business and certain assets were sold as a going concern to Wiltshire-based Virtua UK Limited, which provides services to the telecoms, mobile telecoms and wireless industry.
Steven Stokes, joint administrator and partner at FRP Advisory said: “This was a successful result for the business, customers, employees and creditors of the company. In Virtua UK the business has found an ideal new owner, with its strong and established expertise in the complementary fields of fixed and mobile telecommunications. We wish all of those involved the very best for the future.”
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