Wed, 08 Nov 2017 | ADMINISTRATION
A Kent-based internet service provider (ISP) which was investigated by market regulator Ofcom over allegations it was making “illegal nuisance calls” has gone into administration.
True Telecom, which was recently fined £85,000 by the Information Commissioner’s Office (ICO) after employees were discovered cold-calling potential customers and giving them the impression they were from BT, appointed TCH Ball and MI Field as joint administrators last week.
A statement on the firm’s website states that the business will continue to trade while administrators explore “the most suitable options” going forward.
The firm will now be marketed for sale as a going concern, say TCH Ball and MI Field, who also confirmed that True Telecom was “unable to manage its cash flow requirements” or meet liabilities as they fell.
It has been reported that a large proportion of True Telecom’s workforce, believed to be over 100 employees, have been made redundant. HMRC had previously issued the firm with a winding up petition over unpaid tax bills.
The firm provides internet and related services for around 8,000 businesses in the UK but attracted a total of 201 complaints via the ICO in two years from people who had requested not to be contacted via telesales.
The firm’s director Mark Baines said that landing in hot water with regulators meant that administration was almost inevitable.
He previously told Kent Online: “We’ve had this issue a few times in the past. We’re looking to go into administration and are confident we can manage the company through that process”.
Search businesses in administration
Subscribe to the Business Sale Report
Specialises in providing a range of reliable telecoms system maintenance and repair solutions, as well as expert telephony consultancy and full multi-site projects. Offers invited.
RELOCATABLE
Specialises in providing a comprehensive range of electrical compliance solutions for blue-chip clients located across the UK. Offers invited.
LEASEHOLD
Designs, develops and manufactures a broad range of cable solutions based on a diverse process capability that enables the company to provide cost effective, quality cabling solutions across various market sectors. Offers invited.
LEASEHOLD
|
19
|
|
Feb
|
Pharmaceutical manufacturer enters administration | ADMINISTRATION
A pharmaceutical manufacturing company based in Bristol has ...
|
16
|
|
Feb
|
Flybmi collapse - Ryanair, Loganair quick to take advantage and is Brexit really to blame? | ADMINISTRATION
Airlines Ryanair and Loganair are moving quickly to take ad...
|
16
|
|
Feb
|
Historic hotel put up on the market | BUSINESS SALE
A historic hotel located in Haltwhistle, Northumberland has ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
19
|
|
Feb
|
Pharmaceutical manufacturer enters administration | ADMINISTRATION
A pharmaceutical manufacturing company based in Bristol has ...
|
16
|
|
Feb
|
Historic hotel put up on the market | BUSINESS SALE
A historic hotel located in Haltwhistle, Northumberland has ...
|
16
|
|
Feb
|
Flybmi collapse - Ryanair, Loganair quick to take advantage and is Brexit really to blame? | ADMINISTRATION
Airlines Ryanair and Loganair are moving quickly to take ad...
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