Mon, 22 Sep 2014 | ADMINISTRATION
A wireless networking business based in Sheffield, Yorkshire, has been shut down after entering administration.
Fraser Gray, Simon Wilson and Sarah O’Toole of Zolfo Cooper were assigned the task of managing the administration process for Network by Wireless Ltd on Friday 12 September.
All 26 staff members – 19 based in Sheffield and seven in Wales – have been rendered jobless. The administrators are now working to achieve a sale of the business.
Founded in January 1998 Networks by Wireless designed, installed and maintained fixed and mobile IP infrastructure and mobility systems, with provided networks monitored from its purpose-built network operations centre in Sheffield Business Park. It received funding from Mavern Capital Partners in 2000.
The business peaked with revenues of £5.5 million in 2009, before declining each year to £2.6 million in 2013, with pre-tax losses recorded for five consecutive years. Sales had also been impacted by the horse meat scandal in early 2013, which lead to a delay in the delivery of a £700,000 order.
In July it was appointed as an official supplier to the Connection Vouchers Scheme as part of the SuperConnected Cities Programme run by the government.
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Related information:
Contact Zolfo Cooper about the sale
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