Technology business bought out of administration

Tue, 30 Jun 2015 | ADMINISTRATION

Technology business iHub2 Ltd has been bought by Blenheim Communications Ltd following the administration of parent company iHub UK Ltd.

iHub2 provides voice over IP hosted telephone services to UK businesses. It entered administration today (30 June 2015) and was quickly put into the hands of joint administrators from Begbies Traynor.

Ken Pattullo and Gerald M Krasner were able to arrange an immediate sale of the business when London-based Blenheim came forward.

The deal price has not been disclosed but it has been confirmed that it was paid in full at completion and was split between full repayment of noteworthy inter-company loan and shares in iHub2 Ltd.

Mr Krasner commented on the sale: “The sale to Blenheim Communications is the best possible outcome in the circumstances. It has resulted in all of the jobs at iHub UK Limited being saved.

“In addition, all the trade creditors including HMRC, which was hived down with the business, will be paid in full.”

The sale means that all 18 jobs at the company have been saved, creditors will be paid in full and the business will continue to trade without any interruption to its services.

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