Thu, 22 Aug 2019 | ADMINISTRATION
Thought to be one of the country’s leading ICT suppliers to schools, colleges, and universities around the UK, Gaia Technologies Limited has collapsed into administration.
The company has an estimated 500 education customers and is on the Department of Education’s approved list for ICT service supplier’s framework. However, falling victim to cashflow issues, Gaia Technologies was forced to call in restructuring specialists FRP Advisory LLP to handle the administration process, with partners Ben Woolrych and Anthony Collier appointed as joint administrators.
Collier commented: “Gaia Technologies has grown rapidly over the last few years having secured a number of significant contracts, but unfortunately severe cashflow issues have resulted in it being placed into administration.
“We are now working to assess the financial position of the company and will be looking to identify parties who will take the business forward. We expect there to be significant interest in the company and encourage any interested party to contact us at the earliest opportunity.”
Gaia Technologies was established in 1992 in North Wales, and presently headquartered in Parc Menai, Bangor, initially to trade in hardware products and computer systems, before making a strategic decision to focus their efforts solely on the education market.
Between 2007 and 2014, the company reported a 326 per cent turnover increase from £3.8 million to £16 million.
However, after considering the impact of the education budget coming under pressure and the declining spending confidence amongst schools, not to mention the potential effect of Brexit, Gaia’s accounts followed suit with cashflow difficulties.
In a statement, Gaia Technologies noted that “after salaries, ICT is seen as the largest cost centre in many schools.”
In spite of the administration, the joint administrators are hopeful in that a buyer will step up to purchase the business, and are inviting any offers of interest to come forth immediately.
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