Mon, 27 Mar 2023 | ADMINISTRATION
Video surveillance provider Cloudview has been sold out of administration following an accelerated M&A process by restructuring consultancy firm ReSolve. The company fell into administration last month amid significant cash pressures, with ReSolve saying that it faced many of the same issues currently impacting mid-sized firms across the UK.
The company was founded in 2010 and operates a cloud-based video surveillance platform, which enables clients to monitor premises while simultaneously complying with the relevant regulations on corporate governance.
ReSolve, a London-headquartered restructuring, advisory and investment consultant, was appointed to run an accelerated M&A process after the company fell into administration, seeking a sale of the business and its assets or urgent rescue capital.
ReSolve’s marketing process involved contacting potential buyers through several databases – including its own – within a very short timeframe, due to the significant cash constraints faced by the company.
Ultimately, the company’s assets were sold in a pre-pack administration deal to CloudVplus Holdings, preserving 16 jobs and preventing the company from collapsing into liquidation.
CloudVplus Holdings director Robert Petch commented: “We thank ReSolve for its efficient support throughout this difficult process. Cloudview was impacted by significant factors outside its control, and we are grateful that this result has saved its business. We look forward to working with the team and we are excited to see what lies ahead for the Company.”
ReSolve partner Ben Woodthorpe, who led the accelerated M&A process alongside partner Simon Jagger and Senior Manager James Thompson, said that the sale demonstrated the consultancy’s expertise in assisting in the rescue of an “innovative UK business”.
Woodthorpe continued: “We are delighted to have found a buyer for Cloudview which has saved the jobs of its employees and provides a platform for fresh investment. This was a challenging situation with the sale needing to be done on an accelerated timeline and it is a testament to the skill and hard work of the whole ReSolve team that we achieved this positive outcome.”
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Read more about rising insolvency rates at mid-sized SMEs.
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