Latest accounts filed for the company show a turnover of £38.2m for the year to August 31 2022 generating a pre-tax profit of 2.4m by the broadband infrastructure specialist which employed 120 people.
The company confirmed the appointment of an administrator last week and broadband news service ISPreview reported the firm is now in the hands of RSM Restsructuring Advisory LLP.
RSM said the firm’s demise was caused by “material deterioration in market conditions that led to funding being withdrawn for many of the pipeline contracts.”
Gareth Harris, Partner at RSM and Joint Administrator, said: “This has been a very fast-moving situation but due to market circumstances outside their control, and without a viable solution the Directors have had no choice but to shut the business. Employees have been paid up to the end of the month, but sadly all have been made redundant on appointment.”
Information contained on this page is provided by an independent third-party content provider. This website makes no warranties or representations in connection therewith. If you are affiliated with this page and would like it removed please contact editor @pleasantgrove.business
