Wed, 30 Jan 2013 | ADMINISTRATION
IT services provider 2e2 Group, based in Berkshire, has been placed into administration and is on the market.
The administrators from financial advisory firm FTI Consulting have put the business on the market, after making over 300 staff redundant.
The business - which has operations in Jersey, Guernsey, Ireland, Spain and The Netherlands unaffected by the move into administration - is still trading and is focused on safeguarding 2e2 and the remaining staff.
One of the leading IT services firms in the UK, 2e2 had borrowed £153 million to support its purchase of several businesses, including rival Morse for £70 million in 2010. The firm’s downfall was in being unable to secure finance to repay its debts.
Simon Granger at FTI Consulting said: “We are working closely with management and other key stakeholders to ensure the continued provision of business critical services to the group’s customer base."
“In parallel we are exploring strategic options for the UK business and have commenced a disposal process for the overseas subsidiaries", he added.
Its private equity owner Duke Street Capital had attempted to sell 2e2 in 2011, and had received interest from Cable&Wireless, but the deal failed.
Operating across North Yorkshire, the company has two divisions, one that provides IT infrastructure and one offering renewable energy solutions, including solar PV systems and electric vehicle charging points.
The group specialises in supplying and installing UPVC windows, doors and conservatories in a wide array of styles. Bespoke bathroom panelling and high-quality guttering products are also provided by the two companies.
The company is a well-regarded specialist provider of hygienic wall, floor, and ceiling cladding systems. To complement its core supply of PVC cladding, the business offers hot welded joints to prevent the build-up of bacteria and can supply stainles...
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