Thu, 07 Jul 2016 | ADMINISTRATION
A software testing firm based in Swindon, Wiltshire, has gone into administration, citing “creditor pressure” as the main reason.
Representatives of Software Test Labs have stated that the distressed business will continue to trade while it seeks a buyer or an alternative solution. David Taylor and Mark Boughey of insolvency specialists RSM Restructuring Advisory have been brought in as joint administrators.
Mr Taylor said: "Creditor pressure has led to the company being placed into administration. The company is continuing to trade while we seek a buyer for the business as a going concern.”
The Derby Close-based company, which has international operations in Egypt, Norway and Saudi Arabia, as well as plans to expand across Australasia, Europe and North America, was founded in 2013. It currently employs around 60 people.
Thanks to its international expansion over the last couple of years, Software Test Labs has an annual turnover of £1.7 million, according to the company’s latest figures released at the start of the year. It has recently invested significantly in research and development programmes, according to the firm’s website.
Buyers who are interested in acquiring Software Test Labs have been advised to contact Alison Young at RSM Restructuring Advisory.
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