Tue, 07 Feb 2023 | ADMINISTRATION
Administrators from RSM UK Restructuring Advisory LLP are seeking a buyer for the business and assets of Nottingham-based telecoms contractor Light Source Design Limited. The company, which was founded 20 years ago, had turnover of around £48.5 million in its most recent accounts and an employee headcount of 220.
The company provided installation services for Fibre-to-the-Premises (FTTP) infrastructures for clients, which included several blue chip communication firms. Notable clients included Virgin Media, Openreach, KCOMM and UPP.
Despite its prominence in the UK’s booming FTTP market, the company ran into difficulties as a result of delayed customer payments, as well as challenges it faced converting work in progress. These issues were exacerbated by a large pile of bad debt, a reduction in customer spending and adverse customer credit terms.
Due to these factors, the company suffered cash flow pressures that meant it was unable to meet its liabilities, with Tom Straw and Chris Lewis of RSM subsequently appointed as joint administrators as January 31 2023.
The joint administrators will now seek a sale of the business and its assets in order to protect jobs and achieve an orderly handover of the firm’s contracts to maximise returns for creditors. Trading has been suspended while this process is underway.
RSM UK partner and joint administrator Tom Straw commented: “Cash flow issues meant that despite working with stakeholders to look to find an alternative solution, the company became the subject of a winding-up petition, culminating in the appointment of administrators. The administrators are exploring all options including a sale of the business in an accelerated timeframe.”
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