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.”
______________________________________________________________________
Related information:
Business acquisition funding
Businesses for sale
A restaurant has operated on this very prominent, high street corner location for many years and was purchased late in 2016 by the vendor with the intention of adding a retail business to it commercial business. The vendor then invested circa £70,000...
LEASEHOLD
Serves clients in the automotive, industrial, medical and geotextile sectors. Operates from 16,000 sq ft leasehold premises. Sustains and generates consistent revenue without the need for marketing expenditure. Retirement sale. Offers invited.
LEASEHOLD
Provides a comprehensive delivery service, with a directly employed fleet of delivery drivers. Highly experienced management team in place, capable of managing day-to-day operations, post-sale. Significant scope for growth with geographic expansion a...
FREEHOLD
|
25
|
|
Feb
|
Property management platform faces administration | ADMINISTRATION
The parent company of UK property management startup Hostmak...
|
24
|
|
Feb
|
Clugston Group former headquarters up for sale | COMMERCIAL PROPERTY
St Vincent House in Scunthorpe, which was the headquarters o...
|
21
|
|
Feb
|
Street food catering firm seeks buyer after entering administration | ADMINISTRATION
Shrewsbury-based catering company MPM Catering has entered a...
Sign up to receive our acquisition alert emails to get your FREE guide
|
16
|
|
May
|
Dagenham recycling firm enters administration | ADMINISTRATION
A plastic milk bottle recycling firm based in Dagenham has b...
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