Thu, 22 Aug 2019 | ADMINISTRATION
Thought to be one of the country’s leading ICT suppliers to schools, colleges, and universities around the UK, Gaia Technologies Limited has collapsed into administration.
The company has an estimated 500 education customers and is on the Department of Education’s approved list for ICT service supplier’s framework. However, falling victim to cashflow issues, Gaia Technologies was forced to call in restructuring specialists FRP Advisory LLP to handle the administration process, with partners Ben Woolrych and Anthony Collier appointed as joint administrators.
Collier commented: “Gaia Technologies has grown rapidly over the last few years having secured a number of significant contracts, but unfortunately severe cashflow issues have resulted in it being placed into administration.
“We are now working to assess the financial position of the company and will be looking to identify parties who will take the business forward. We expect there to be significant interest in the company and encourage any interested party to contact us at the earliest opportunity.”
Gaia Technologies was established in 1992 in North Wales, and presently headquartered in Parc Menai, Bangor, initially to trade in hardware products and computer systems, before making a strategic decision to focus their efforts solely on the education market.
Between 2007 and 2014, the company reported a 326 per cent turnover increase from £3.8 million to £16 million.
However, after considering the impact of the education budget coming under pressure and the declining spending confidence amongst schools, not to mention the potential effect of Brexit, Gaia’s accounts followed suit with cashflow difficulties.
In a statement, Gaia Technologies noted that “after salaries, ICT is seen as the largest cost centre in many schools.”
In spite of the administration, the joint administrators are hopeful in that a buyer will step up to purchase the business, and are inviting any offers of interest to come forth immediately.
Offers a comprehensive range of solutions for mobile phones, GPS tracking and telematics, and two-way radio communication systems. Has established long, strong relationships with its suppliers, ensuring the longevity of the business. Offers invited.
LEASEHOLD
Established Fintech software development business. Over the past 15+ years, our client has built a reputable brand and profitable business specialising in the development of resilient and often complex financial sector applications. Specialising in P...
They are a leading manufacturer of Digital Portable Tachometers & associated devices in Europe. They specialise in the design and manufacture of high quality speed measurement products, and have been doing so for over 40 years. In addition, the compa...
LEASEHOLD
|
18
|
|
Sep
|
Infrastructure investment manager takes stake in LJLA | BUSINESS SALE
Infrastructure investment management group, Ancala Partners,...
|
17
|
|
Sep
|
Impact REIT snaps up Suffolk-based Cardinal Healthcare business | BUSINESS SALE
Impact REIT has successfully acquired Cardinal Healthcare, a...
|
16
|
|
Sep
|
Cheshire-based SRL Traffic Systems completes MBO | MBO/MBI
SRL Traffic Systems, a manufacturer and supplier of portable...
Sign up to receive our acquisition alert emails to get your FREE guide
|
17
|
|
Jul
|
Preston caravan manufacturer seeks buyer following administration | ADMINISTRATION
A caravan manufacturing business in Preston is on the lookou...
|
10
|
|
Jun
|
Historic Hull electrical engineering firm enters administration | ADMINISTRATION
An electrical engineering company, founded by William Shuttl...
|
05
|
|
Mar
|
Independent bathroom retailer enters administration | ADMINISTRATION
Thought to be the UK’s largest independent bathroom re...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources