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.
Profitable and 10-year established telecoms and technology services company based in Lincolnshire complete with Freehold premises. With a large proportion of turnover coming from ongoing and retained client business, the company has a fantastic reput...
LEASEHOLD
Provider of complete video content management software solutions for the creation, delivery, and monitoring of both live and on-demand media content. With expertise in streaming software, the company’s offering simplifies the integration of streaming...
Specialists in the design, build, development & management of large websites, web platforms & Content Management Systems using Microsoft .NET technology, particularly Kentico & Umbraco. Existing Kentico partners. Large digital consultancies. Website...
|
31
|
|
Mar
|
Coronavirus Business Interruption Loan Scheme to cover business acquisitions | BUSINESS NEWS
The UK government has launched the Coronavirus Business Inte...
|
30
|
|
Mar
|
Tech group The Panoply acquires consultancy firm Ameo | BUSINESS SALE
Business consultancy firm Ameo has been acquired by AIM-list...
|
27
|
|
Mar
|
Addison Lee acquired by consortium of investors | BUSINESS SALE
Addison Lee Group, London’s biggest private care hire ...
Sign up to receive our acquisition alert emails to get your FREE guide
|
17
|
|
Jul
|
Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION
A caravan manufacturing business in Preston is on the lookou...
|
10
|
|
Jun
|
Historic Hull electrical engineering firm enters administration | ADMINISTRATION
An electrical engineering company, founded by William Shuttl...
|
05
|
|
Mar
|
Independent bathroom retailer enters administration | ADMINISTRATION
Thought to be the UK’s largest independent bathroom re...
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