Tue, 24 Apr 2018 | ADMINISTRATION
An tech and IT firm based in Yorkshire has entered administration and is actively searching for a buyer.
Leeds-based LDD Group Ltd announced on 19th April that it had appointed insolvency practitioners Walsh Taylors as administrators and is seeing a buyer to ensure the firm's future.
The business, which has a turnover of £8m, offers a range of services including IT consultancy, the installation of cybersecurity hardware to prevent the hacking of sensitive data, IT help desk and network design telecoms. At its most successful, these services earned the firm an annual turnover of more than £12 million and employed 50 members of staff.
However, the ill health of one of the company's directors has had a large impact on the success of the firm, according to Walsh Taylor director Mary Taylor, resulting in demise of the firm's current management.
According to the administrators, LDD Group is set to continue to trade while they search for a buyer for the firm, with priority placed on selling as soon as possible to ensure it remains a viable business to safeguard the future of the brand and its employees.
"Unfortunately, after the ill health of one of its directors - and the unforeseen impact this has naturally caused - the directors felt they were not in a position to carry on themselves," said Mary Taylor. "The decision to place the company into administration offers the best opportunity for securing its survival and helping it move forward into a successful new era."
She added that Walsh Taylor are confident that the group's track record and reputation will help to secure a buyer quickly.
"LDD Group is a family business with a good name, a proven track record, and a national customer base spanning around 30 contracts."
Turnover of £1.7m with an adjusted EBITDA of £475k. Offers mobile and fixed communication services, as well as a comprehensive managed service portfolio to clients across Southern England.
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