Thu, 16 Jun 2016 | ADMINISTRATION
Distressed cloud company Outsourcery has confirmed that it is to enter administration, as Vodafone partner firm GCI Networks Solutions hopes to buy up the company’s assets.
Outsourcery, which is based in Manchester and was co-founded by former Dragon’s Den star Piers Linney, became a poster child for the burgeoning technology and infrastructure sector in the UK when its cloud-based revenues jumped from zero to £4 million between 2007 and 2010. The company subsequently secured several high-profile contracts, including supply infrastructure services to Microsoft’s Skype for Business.
However, after listing on AIM in 2013, things rapidly went downhill, as channel sales failed to meet expectations in the City. Co-founders Piers Linney and Simon Newton were forced to work for nothing at one stage, and the pair repeatedly went to investors to request more cash when liquidity dried up.
In a statement to the London Stock Exchange, Outsourcery confirmed the rumours suggesting that the company was heading towards administration: “Agreement has been reached to sell substantially the entire business and assets of the company’s trading subsidiary Outsourcery Hosting Ltd to GCI Network Solutions.
“In order to complete the sales, it will be necessary to appoint administrators, and the board of Outsourcery has resolved to appoint partners from EY as administrators for this purpose.”
Outsourcery confirmed separately that investors and shareholders were likely to see “little or no return” from the assets being sold by the company, based on the offers it had received at the time.
For more information, see the latest businesses in administration.
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