Thu, 16 May 2019 | ADMINISTRATION
An Edinburgh-based IT firm has collapsed into administration after its investment plans into future growth opportunities backfired.
Hutchinson Networks has been forced to call in business advisory firm KPMG to oversee the administration process, with partners Blair Nimmo and Alistair McAlinden appointed as joint administrators.
Founded in 2011, Hutchinson Networks worked primarily with blue-chip and SME clients to provide hybrid IT, networks, digital workspace, and cybersecurity services. The company was working towards becoming a Gold partner of Cisco Partners, and has previously worked with Riverbed, F5 Networks, VMware and Velocloud.
Despite experiencing rapid growth in the last two years, the company was faced with contract delays and substantial cash flow difficulties, leading to its collapse into administration.
The network operation centre will continue to trade, and customers will continue to be provided with multi-cloud platform services, whilst the sale of the business and its assets are explored.
Nimmo, also the UK head of restructuring at KPMG, commented on the administration, saying: “Hutchinson Networks was a rising star in global IT network deployment.
“It had invested heavily for future growth and secured attractive contracts for the second half of 2019. Despite the exhaustive actions of the directors to increase sales, reduce costs and attract new investment, the business was unable to continue trading.
“We are exploring a sale of the business and assets and would encourage any interested parties to contact us as soon as possible.
“Additionally, we are working with Scottish Enterprise and Skills Development Scotland to provide a full range of support to the company’s employees throughout this process.”
For more news stories about administrations click here. For all our administrations listings, click here.
This is a very exciting high end opportunity with many different income streams from phone, computer, tablet sales and repairs. The business has been trading for 8 years and enjoys a substantial turnover which is derived from shop sales selling phone...
LEASEHOLD
Provides a range of managed services including consultancy, user and infrastructure assurance, monitoring, analysis and information security. Focuses on delivering IT and Information Security Managed Services to SMEs. Offers invited.
LEASEHOLD
Services cover IT support, communications, cloud services and security. All clients benefit from a dedicated Accounts Manager. Works with circa 120 active clients, all of whom provide reliable, repeat business. Offers invited.
LEASEHOLD
|
15
|
|
Nov
|
Carpetright agrees to shareholder takeover deal | BUSINESS SALE
Carpetright has agreed a deal to be taken over by its larges...
|
14
|
|
Nov
|
Scale manufacturer taken over in MBO | MBO/MBI
Weighing scale manufacturer Marsden Weighing Group has been ...
|
13
|
|
Nov
|
Brighton energy firm appoints administrators | ADMINISTRATION
Brighton-based utilities company Toto Energy has gone into a...
Sign up to receive our acquisition alert emails to get your FREE guide
|
29
|
|
Feb
|
Luxury hotel to be sold after entering administration | BUSINESS SALE
A luxury hotel in Sandsend, near Whitby, which has been in a...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources