Wed, 07 May 2014 | BUSINESS SALE
iRack Limited has bought data hosting and processing company Alphadex Limited out of administration.
Jason Elliott and Craig Johns from Cowgill Holloway Business Recovery LLP were appointed as joint administrators of Alphadex after the Salford Quays firm hit sudden cashflow problems. The company, established in 2009, was targeted by a sustained cyber attack on its servers at the end of 2013 and early 2014, resulting in the loss of major contracts.
Mr Elliot and Mr Johns successfully completed a sale of the business to Manchester-based iRack Limited, saving 21 jobs in the process. The new owners - who were advised on the sale by Shoosmiths’ Manchester team - have stated that they intend to invest heavily to improve the company’s software, hardware, network and infrastructure so that it is better placed to cope with any potential repeats of the recent cyber attack.
The administrators said that ensuring the business maintained a continuous service was imperative during the sale so that existing clients would not be affected. The speed of the sale allowed this to happen and preserved the value of the company to the buyer, iRack.
Mr Elliott, partner at Cowgill Holloway Business Recovery, commented: “Alphadex is a fundamentally sound business with an excellent product range, but a recent sustained cyber-attack on the company servers and issues ultimately beyond its control meant a number of key customers were unfortunately lost, hitting the company disproportionately hard.
“After a short period of marketing we were able to generate several expressions of interest and three firm offers which ultimately resulted in a successful sale of the business.”
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