Wed, 30 Jan 2013 | ADMINISTRATION
IT services provider 2e2 Group, based in Berkshire, has been placed into administration and is on the market.
The administrators from financial advisory firm FTI Consulting have put the business on the market, after making over 300 staff redundant.
The business - which has operations in Jersey, Guernsey, Ireland, Spain and The Netherlands unaffected by the move into administration - is still trading and is focused on safeguarding 2e2 and the remaining staff.
One of the leading IT services firms in the UK, 2e2 had borrowed £153 million to support its purchase of several businesses, including rival Morse for £70 million in 2010. The firm’s downfall was in being unable to secure finance to repay its debts.
Simon Granger at FTI Consulting said: “We are working closely with management and other key stakeholders to ensure the continued provision of business critical services to the group’s customer base."
“In parallel we are exploring strategic options for the UK business and have commenced a disposal process for the overseas subsidiaries", he added.
Its private equity owner Duke Street Capital had attempted to sell 2e2 in 2011, and had received interest from Cable&Wireless, but the deal failed.
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