Project IT

We ensured Christmas came early for an IT company. As debts to HMRC of more than £1million mounted up, added cash-flow difficulties led to an inability to meet supplier payments. But FTS Recovery not only saved the day for the company – we ensured all jobs and assets were safe too – just in time for Christmas Eve.

The concerned UK-based company, which has a secondary site based in India, sought our advice when they were unable to meet their payments. Working with the board, our team were immediately able to protect the business, assets and employees. We were also able to negotiate key supplier repayments, to keep business continuity under the protection of an interim moratorium. 

At the same time, we were working hard to save the business through a pre-packaged administration, and we marketed the business and assets for sale. We believed this would provide the best outcomes for the brand identity, the staff and the stakeholders.

After receiving multiple offers, we deliberated and were able to complete a sale to a leading competitor on 23 December 2022. For the 75 employees, it wasn’t such a bleak midwinter after all. 

All staff, business, assets and customer contracts across both the Indian-based and UK-based operations were smoothly transferred. The FTS team’s business rescue allowed the IT company to continue without disruption to either the staff or customers and was greeted with welcome relief for the holidays and new year for all involved.