Mon, 21 Aug 2023 | BUSINESS SALE
Trench Networks, a provider of Wi-Fi services at construction sites, has been acquired out of administration in a pre-pack deal. The company, which is based in Hebburn having relocated from its previous base in Cramlington, has been acquired by Northern Telecommunications.
The company specialises in providing remote internet access at sites that otherwise lack Wi-Fi infrastructure. However, following the collapse of several regional contractors in the local construction sector, including Metnor and Tolent, the company lost several sites that it was working on.
As a result, the company faced cash flow issues, including a rising level of bad debt and a loss of turnover. Faced with restricted cash flow and arrears to creditor, the company acted swiftly to appoint insolvency experts FRP Advisory.
Joint administrator and FRP partner Andrew Haslam said that Trench Networks director Kevin Lattimer had sought advice at an early stage, meaning the administrators had “lots of options to consider rather than seeking professional advice at the eleventh hour.”
Haslam continued: “Because of this early engagement, it allowed a marketing exercise to be undertaken which prompted significant interest in the business.”
"Ultimately, a trade purchaser was identified and a contract negotiated to sell the business and rescue the staff. This is a positive result and we hope that the purchaser can take the business forward and expand on the success of the founders."
The company’s Outpost connection device was an innovative development in how construction firms accessed internet and phone connections on site. The system aggregated and combined connections from all of the major mobile networks to provide reliable connections. In addition to construction sites, the firm also served hard-to-reach locations including wind farms and provided a “Wi-Fi SOS” service for firms that had suffered outages or were moving to sites without connectivity.
Read about rising insolvency levels in the UK's construction industry
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