Over twenty jobs lost at Adventi as it falls into administration

Scottish IT services firm Adventi has fallen into administration with the loss of 22 of its 44 staff.

The firm, which specialises in IT consultancy, support and installation services for public and private clients, has appointed PricewaterhouseCoopers (PwC) to the role of administrator.

The firm was established in 2002 and has become a well-regarded firm in its sector, according to Graham Frost, one of the administrators and directors working for PwC. He explained how the firm found itself in financial difficulties: "the business had encountered cash-flow problems in recent months and while there were a number of challenges facing the company, the management had been working hard on a restructuring programme.” He continued, "unfortunately, the board have since reluctantly concluded that this path is no longer feasible."

Frost said that as administrators, PwC, will be looking to review the firm’s finances and will create a new “cost and funding structure.” He then commented that the administrators will continue to trade the business and will look for a buyer in the meantime.

He added: "Our immediate focus will be to review the business and create a new cost and funding structure. With the support of key customers, we hope to trade the business for a period of time whilst a buyer is sought."

The news follows statistics from Equifax that show the number of business failures in the first quarter of 2010 to have fallen by 40 per cent, compared to the same period a year ago.

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