IT firm bought out of administration

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.

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