Mon, 25 Oct 2021 | BUSINESS SALE
Glasgow-based telecoms network infrastructure provider Mono Consultants has been acquired out of administration by Solutions 30 UK Services. The business fell into administration after a period of poor trading was compounded by the onset of the COVID-19 pandemic.
Mono Consultants was founded in 1997 and was among the UK’s leading providers of network infrastructure roll-out services providers to the telecoms industry. Its managed end-to-end services were provided to customers in the service provider, operator, vendor, fixed, mobile, joint network sharing and asset management markets.
After enduring a period of poor trading, the company had engaged a new management team to revive its fortunes. In its results for the year ending August 31 2020, Mono reported turnover of £41.5 million and post-tax profit of £604,767. This was up from a £1.1 million post-tax loss on revenue of £38.6 million a year earlier.
However, this turnaround was disrupted by the onset of the COVID-19 pandemic, which forced the temporary closure of all sites. The company was unable to meet the operational and financial challenges of the pandemic and, while activity in the sector increased as lockdown was eased, it required funding to meet its working capital needs.
Administrators from Interpath Advisory were appointed to undertake an accelerated sale and fundraising process. The business and certain of its assets have now been sold to Solutions 30 UK Services, the UK business of Solutions 30 SE. The buying firm provides last-mile solutions for clients in the telecoms, security, IT, energy and retail sectors.
The acquisition includes Mono Consultants’ key management, assets, rights and interest to contracts, as well as all 165 of the company’s staff.
Interpath CEO and joint administrator Blair Nimmo said: “Despite the turnaround that was in progress, this is unfortunately another company that has been adversely impacted as a result of COVID-19 exacerbating its funding challenges. We are pleased to see the business continue and wish Solutions 30 UK Services Limited and the workforce every success going forward.”
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