Adventi Group, the Scottish provider of IT and software services to SMEs and the owner of Apple reseller Scotsys, has tumbled into administration with the loss of 22 jobs.

Administrators Bruce Cartwright and Graham Frost of accounting firm PricewaterhouseCoopers yesterday said the Bellshill, Lanarkshire company was still trading and that a further 22 staff had been kept on the payroll while a buyer was being sought.

Frost, a joint administrator, said: “The company has grown successfully over the years and is well regarded by customers.”

However, he added: “The business had encountered cash flow problems in recent months, and while there were a number of challenges facing the company, the management had been working hard on a restructuring programme.

“Unfortunately, the board have since reluctantly concluded that this path is no longer feasible.”

PwC said the appointment of administrators was made at the request of the directors.

The company, which had been chaired by investor Peter Shakeshaft, acquired Scotsys, the Apple solutions provider and services supplier, in 2005, which was aided by a significant investment by Archangel Informal Investment and the Scottish Co-Investment Fund.

However, with Apple moving from niche to mainstream with the opening of the Apple Store in Glasgow and competition from rival Apple reseller John Lewis, Scotsys’s retail market began to dwindle.

In 2007, Adventi expanded nationally after acquiring Luton-based Integral Arm and it was named Scotland’s most successful technology company in 2008.

However, last year, Eddie Chance, the former Oracle Scotland senior executive who became chief executive of Adventi, surprised the business and technology communities by resigning just six months after masterminding a £600,000 funding package for the firm.

Frost added: “Our immediate focus will be to review the business and create a new cost and funding structure. We believe this presents an opportunity for an industry player.”