Thu, 04 Apr 2024 | BUSINESS SALE
A Midlands-based telecoms firm has been acquired out of administration by a new company set up by a former employee. COM Group fell into administration on March 14, with BLB Advisory director Brett Barton appointed as administrator.
The Stratford-upon-Avon company’s business and assets have now been sold to COM Group Telecom Limited, which has been established by former COM Group employee Jim Hawksworth to carry the business forward as a new entity. The acquisition has saved more than 20 jobs at the company.
COM Group specialised in providing telecoms surveying and auditing services for major UK communications providers. However, from late 2022 onwards, the company began to experience a major downturn in survey and design work, attributed to the impact of the COVID-19 pandemic. This was exacerbated by challenging conditions in the wider market throughout 2023.
Following the acquisition, COM Group Telecom Limited director Jim Hawksworth said: "I am thrilled to have successfully acquired COM Group. All jobs have been protected, with a number of long-standing employees now becoming shareholders.”
"I am confident that we have the perfect recipe to be the number one mobile telecoms survey company in the industry through the continued delivery of excellent service to all our customers."
BLB Advisory director and COM Group administrator Brett Barton added: “I am delighted that we have been able to save the jobs of all 21 employees and that the business has been protected by a sale to a third party. I would like to thank The Wilkes Partnership LLP and Hilco for their assistance in securing a great outcome for the business.”
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