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."
Offers a comprehensive range of solutions for mobile phones, GPS tracking and telematics, and two-way radio communication systems. Has established long, strong relationships with its suppliers, ensuring the longevity of the business. Offers invited.
LEASEHOLD
Established Fintech software development business. Over the past 15+ years, our client has built a reputable brand and profitable business specialising in the development of resilient and often complex financial sector applications. Specialising in P...
They are a leading manufacturer of Digital Portable Tachometers & associated devices in Europe. They specialise in the design and manufacture of high quality speed measurement products, and have been doing so for over 40 years. In addition, the compa...
LEASEHOLD
|
19
|
|
Sep
|
Smith & Williamson and Tilney to merge | MERGER
After revealing in August this year that talks were in place...
|
18
|
|
Sep
|
Infrastructure investment manager takes stake in LJLA | BUSINESS SALE
Infrastructure investment management group, Ancala Partners,...
|
17
|
|
Sep
|
Impact REIT snaps up Suffolk-based Cardinal Healthcare business | BUSINESS SALE
Impact REIT has successfully acquired Cardinal Healthcare, a...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources