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 well-established ERP software company offers a unique opportunity with its extensive suite of over 50 fully integrated modules, providing customisable solutions across diverse industries through a robust global partner network. With exclusive ri...
This is a rare opportunity to acquire a not-for-profit Rail Development Research and Technology Organisation, complete with a purpose-built R&D facility and generating additional income from sub-tenants.
This well-established software development business, operating since 1999, is renowned for delivering custom solutions, including bespoke CRM systems and mobile apps, to a diverse clientele across sectors such as healthcare, retail, and public servic...
04
|
Jul
|
East Midlands furniture manufacturer ceases trading | ADMINISTRATION
Andrew Paul Furniture Limited, a major furniture manufacture...
04
|
Jul
|
Yorkshire law company Ison Harrison merges with Skipton firm | MERGER
Ison Harrison, an employee owned law firm based in Yorkshire...
04
|
Jul
|
£37m-turnover pet food firm falls into administration | ADMINISTRATION
Kennelpak Limited, a private equity-backed pet products comp...
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
We can help you capitalise on insolvent businesses. We list UK businesses in administration, liquidation and with winding up petitions daily. Ensuring our members never miss out on an opportunity
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.