Thu, 16 Jun 2016 | ADMINISTRATION
Distressed cloud company Outsourcery has confirmed that it is to enter administration, as Vodafone partner firm GCI Networks Solutions hopes to buy up the company’s assets.
Outsourcery, which is based in Manchester and was co-founded by former Dragon’s Den star Piers Linney, became a poster child for the burgeoning technology and infrastructure sector in the UK when its cloud-based revenues jumped from zero to £4 million between 2007 and 2010. The company subsequently secured several high-profile contracts, including supply infrastructure services to Microsoft’s Skype for Business.
However, after listing on AIM in 2013, things rapidly went downhill, as channel sales failed to meet expectations in the City. Co-founders Piers Linney and Simon Newton were forced to work for nothing at one stage, and the pair repeatedly went to investors to request more cash when liquidity dried up.
In a statement to the London Stock Exchange, Outsourcery confirmed the rumours suggesting that the company was heading towards administration: “Agreement has been reached to sell substantially the entire business and assets of the company’s trading subsidiary Outsourcery Hosting Ltd to GCI Network Solutions.
“In order to complete the sales, it will be necessary to appoint administrators, and the board of Outsourcery has resolved to appoint partners from EY as administrators for this purpose.”
Outsourcery confirmed separately that investors and shareholders were likely to see “little or no return” from the assets being sold by the company, based on the offers it had received at the time.
For more information, see the latest businesses in administration.
The Company provides the airport industry with a wide range of capacity and demand consultancy services. The company can analyse, model, forecast and optimise the flow of people, baggage and vehicles throughout the airport environment, from airside t...
Highly profitable Family Run Business, that has been in the same hands for over 20 years. Operating out of Leasehold premises the business is easily relocatable, many of the subcontractor workforce has been working with the company for many years. Of...
LEASEHOLD
This is a very exciting high end opportunity with many different income streams from phone, computer, tablet sales and repairs. The business has been trading for 8 years and enjoys a substantial turnover which is derived from shop sales selling phone...
LEASEHOLD
|
15
|
|
Nov
|
Carpetright agrees to shareholder takeover deal | BUSINESS SALE
Carpetright has agreed a deal to be taken over by its larges...
|
14
|
|
Nov
|
Scale manufacturer taken over in MBO | MBO/MBI
Weighing scale manufacturer Marsden Weighing Group has been ...
|
13
|
|
Nov
|
Brighton energy firm appoints administrators | ADMINISTRATION
Brighton-based utilities company Toto Energy has gone into a...
Sign up to receive our acquisition alert emails to get your FREE guide
|
23
|
|
Apr
|
The Hut Group buys Christophe Robin haircare brand | BUSINESS SALE
British e-commerce firm The Hut Group (THG) has acquired Fre...
|
08
|
|
Mar
|
Fashion retailer LK Bennett enters administration | ADMINISTRATION
Premium fashion brand LK Bennett has fallen into administrat...
|
13
|
|
Dec
|
Harvard Technology Limited enters administration | ADMINISTRATION
A lighting company based in Normanton has been forced to eng...
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