Wed, 07 May 2014 | BUSINESS SALE
iRack Limited has bought data hosting and processing company Alphadex Limited out of administration.
Jason Elliott and Craig Johns from Cowgill Holloway Business Recovery LLP were appointed as joint administrators of Alphadex after the Salford Quays firm hit sudden cashflow problems. The company, established in 2009, was targeted by a sustained cyber attack on its servers at the end of 2013 and early 2014, resulting in the loss of major contracts.
Mr Elliot and Mr Johns successfully completed a sale of the business to Manchester-based iRack Limited, saving 21 jobs in the process. The new owners - who were advised on the sale by Shoosmiths’ Manchester team - have stated that they intend to invest heavily to improve the company’s software, hardware, network and infrastructure so that it is better placed to cope with any potential repeats of the recent cyber attack.
The administrators said that ensuring the business maintained a continuous service was imperative during the sale so that existing clients would not be affected. The speed of the sale allowed this to happen and preserved the value of the company to the buyer, iRack.
Mr Elliott, partner at Cowgill Holloway Business Recovery, commented: “Alphadex is a fundamentally sound business with an excellent product range, but a recent sustained cyber-attack on the company servers and issues ultimately beyond its control meant a number of key customers were unfortunately lost, hitting the company disproportionately hard.
“After a short period of marketing we were able to generate several expressions of interest and three firm offers which ultimately resulted in a successful sale of the business.”
______________________________________________________________________
Related information:
Business acquisition funding
Businesses for sale
The company focuses on the exclusive design of toys and gifts for children aged 2-10 years, using recyclable materials and avoiding use of plastics or technology. The company has over 250 product lines.
LEASEHOLD
A traditional pub located on a busy main road close to Pontefract town centre, the racecourse and famously King Richard III favourite castle. Surrounded by commerce and lots of industry, as well as densely populated residential communities, the pub e...
FREEHOLD
An excellent opportunity to acquire a popular village store. Operating from a village centre trading position with good footfall and passing trade, in an affluent area on the outskirts of this major East Midlands city.
LEASEHOLD
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.