Wed, 11 Jun 2014 | ADMINISTRATION
Liquidators have been brought in to failed telecoms group Viacloud UK Group after it was unable to secure needed funding from its usual backers.
The funding was needed for “significant MVNO (Mobile Virtual Network Operator) contracts”. Private equity firm Stratum had decided to withdraw its support, which sent Viacloud reeling. The outcome of the situation was the company’s decision to bring its operations in Britain to an end.
Nicholas O’Reilly and Simon Thomas of Moorfields Corporate Recovery Limited were drafted in as the liquidators to parts of the group on 4 June. These are: Viacloud UK Limited, Viacloud UK Platforms Services Limited, Viacloud UK Retail Services Limited and Viacloud UK Wholesale Mobile Services Limited.
"It is truly unfortunate that the Viacloud UK Group is currently unable to commercially capitalise upon what has been developed to date,” Mr Thomas said. “Especially given the tremendous efforts and contributions of its staff, suppliers, and partners in assembling a world-class team and infrastructure designed to fuel the growth of MVNOs in the UK and European telecom market.
“However, we are hopeful that new partners can be identified to take this unique project forward and realise the full potential of the group’s core infrastructure and its unique integration with the UK’s largest MNO,” he added.
Set up in early 2012 and located at Chelsea Harbour in London, Viacloud announced a partnership with Everything Everywhere (EE) – the entity made out of a merger between the T-Mobile and Orange mobile phone companies – in July 2012. The vision for the joint venture included enabling all MVNO customers to transfer to the 2G and 3G networks easily and swiftly.
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