Wed, 15 Apr 2015 | ADMINISTRATION
An IT company has been bought out of administration by a rival firm in the region.
Aegis IT Ltd, is based in Team Valley, Gateshead in the North East of England. The company's trade and assets have been acquired by rival Technology Services Group Ltd (TSG).
As a result, all of the staff from Aegis have joined TSG and the companies will work together to pursue growth.
Begbies Traynor oversaw the administration and subsequent business sale. Joint administrator from the firm, Andrew Haslam, commented: “It’s great news that following a successful sale process, we were able to secure a deal that not only rescued the business but gave continuity to the Aegis staff who are to be integrated into the TSG team.”
TSG was not the only firm interested in acquiring Aegis. David Stonehouse, chief executive with TSG, observed that the quality of the customer base and the team at Aegis meant that there was “a high level of interest” in acquiring the distressed firm.
However, TSG appeared to be the right choice as the eventual buyer: “Both the team and the customers fit perfectly with delivering our strategy to increase penetration in the mid-market, most important sharing our consultative approach and a deep understanding of technology.”
Aegis Ltd was founded in 2004 while TSG struck up in 2003. Both have been strong investors in UK IT services and business development.
______________________________________________________________________
Related information:
You can view the latest businesses to enter administration in the UK here.
A leading engineering firm focusing on electric power steering solutions and bespoke wiring harnesses serving various industries. It operates as two entities both reputable for maintaining high standards and offering bespoke solutions for clients. In...
Market-leading fruit and vegetable supplier distributing fresh produce and complementary goods both wholesale and D2C. The companys uncompromising drive for customer satisfaction has built strong relationships with across an enviable client base incl...
Turnkey construction services provider completing a range of projects with expertise across maintenance general refurbishment new build and conservation including work on listed buildings. The company provides full-service construction works utilisin...
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.