Thu, 30 Mar 2023 | ADMINISTRATION
CTBO Limited, an audio-visual services firm based in Sunderland, has been acquired out of administration in a deal that safeguards ten jobs. The company, which was founded in 2015, has been acquired from administrators by CCC Technologies Limited.
CCC Technologies Limited, also based in Sunderland, was incorporated last month and lists CTBO Ltd director Anthony Booth as its sole director on Companies House.
CTBO Limited’s primary operation was providing audio-visual services to resellers in the UK and across Europe. In recent years, the company had also expanded into offering supporting services, including network infrastructure, electrical services, maintenance and implementation.
The company had experienced poor cash flow in 2019, leading it to institute a number of measures designed to reduce operating costs. However, the firm ran into new difficulties as a result of the onset of the COVID-19 pandemic and entered a CVA in March 2020.
Despite the CVA, the company accrued significant debts, ultimately resulting in the business being placed into administration, with SFP Restructuring Limited appointed as administrators on March 1 2023. SFP subsequently secured the sale of the business to CCC Technologies Limited.
David Kemp, Director at SFP Restructuring and joint administrator of CTBO Limited, commented: "The sale was a positive outcome helping to protect the business and save jobs.”
Kemp added: “At a time where many businesses across various sectors are facing a variety of pressures, it is perhaps more important than ever for directors to be on the front foot and to seek professional advice when concerned.”
"Whilst it can be daunting to do so, it will in most cases make a meaningful and positive difference to the business and the eventual outcomes."
In CTBO Ltd’s most recent accounts at Companies House, for the year ending April 30 2021, the firm reported fixed assets of £23,306 and current assets of £422,775. At the time, the company’s net liabilities amounted to £144,929.
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