Mon, 01 Jul 2013 | ADMINISTRATION
Cellular Systems, the company behind O2's 4G network in London, has entered administration.
The business has opted to have Deloitte to handle the administration, which follows the termination of the firm's main contract at the end of last year. Dan Smith and Bill Dawson, partners with the accountancy firm, have been appointed as joint administrators.
Mr Smith told Insider Media: “Following our appointment, the company's main customer indicated that it was unwilling to continue with its contract. As a result of this, we were unable to continue trading the business as a going concern and unfortunately we have had to take the decision to make the majority of staff redundant.
“We are now in the process of identifying and selling assets to secure the best outcome possible for creditors of Cellular Systems.”
Cellular Systems built O2's 4G network in London and apparently formed a vital part of Cornerstone – the network infrastructure project shared by Vodafone and O2. It was also named 'Best Hardware Partner' by Huawei last year.
The business employed 53 staff. Following the administration, 48 have been made redundant with just five kept on to help assist Deloitte.
In the year to the end of September 2011, the company posted a turnover of £18 million and a pre-tax profit of £404,000.
Contact the administrators here
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