Fri, 08 Feb 2013 | ADMINISTRATION
A training provider that offered education to around 700 learners has entered administration.
Scientiam explained that it was pushed into administration after an internal review confirmed that the business had “become insolvent and could not continue its operations”.
A statement from the firm added: “Learner numbers not reaching targets coupled with clawbacks of previously advanced funding combined to drain Scientiam of its cash resources.”
Administrators from Mazars LLP were appointed earlier this week to deal with the business. They announced that all activity was to be wound up and redundancy consultations will be taking place with staff.
However, a statement from the administrators added that despite the difficult situation it is their “primary concern to facilitate as orderly a handover of these learners to a successor organisation as rapidly as possible”.
The business recorded a pre-tax loss of £29,641 in the year to August 2011 and a turnover of just £3 million. In the year before that it struggled even more, with losses of £306,000.
The company organised training and recognised apprenticeship schemes for young people looking to find a way into the workplace. It had up to five subcontractors and held a £2.5 million contract with the Skills Funding Agency.
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