AN INFORMATION technology networks firm put into administration last month has been sold.
Blair Nimmo and Alistair McAlinden of KPMG, the joint administrators of Hutchinson Networks Ltd, secured the sale of the business to Irish technology firm PlanNet21 Communications Ltd.
Edinburgh-based Hutchinson Networks was placed into administration in May resulting in 94 redundancies.
At that point 13 employees remained within the business to help provide a range of limited services to customers while KPMG explored a sale of the business and its assets.
The IT network solutions provider appointed administrators after unsuccessful attempts to raise additional investment and implement cost control measures, following a range of challenging factors, including contract delays and lower than forecast growth margins.
Mr Nimmo said: “We are delighted to have successfully completed a sale to PlanNet21 Communications, protecting a number of jobs and safeguarding the cutting edge technology and intellectual property developed locally by Hutchinson Networks.
“Hutchinson Networks built a fantastic reputation and there was significant interest both within the UK and globally in its business and assets.”
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