Thu, 06 Apr 2023 | ADMINISTRATION
Bristol-based IT consultancy and software developer Helastel Ltd has been acquired out of administration by Chippenham property services group LHL Property Auditors. The company fell into administration last month amid working capital constraints and the impact of COVID-19.
Stephen Hobson and Lucinda Coleman of PKF Francis Clark were appointed as joint administrators on March 31, subsequently securing a sale of the business and its assets. Following its acquisition by LHL Property Auditors, Helastel will be renamed illumo digital.
The company was founded in 2004 and provided IT consultancy services to companies in the medical, finance, professional services and manufacturing sectors, as well as to public sector and charity organisations.
Commenting on the company’s administration, Mark Roach, associate director of PKF Francis Clark’s Bristol business recovery team, said: "The company had experienced a number of significant challenges in the last few years, including working through COVID, but also working capital constraints relating to several Russian customers who were unable transfer funds to the UK due to recent international sanctions.”
"We had been working with the company to find rescue options, which concluded with the administration and sale of its business and assets to the new owner, who took on all of the staff."
Joint administrator Stephen Hobson added: "Administration is always a last resort but we are pleased that in this case the business and assets have survived along with the jobs of so many highly skilled individuals."
LHL Property Auditors director Mark Lovett said of the acquisition: "This acquisition represents LHL's first major portfolio diversification. While LHL and illumo digital have different service offerings, the companies share the same values of innovation and customer focus.”
"I'm confident this partnership will bring about new growth opportunities for both businesses, and am excited to be a part of illumo digital's future as they continue to evolve their solutions offering, and develop and grow product."
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