By Scott Wright

MORE than 160 jobs have been saved after a Glasgow-based network infrastructure services provider was acquired in a pre-pack deal.

Mono Consultants went into administration on Friday after a period of poor trading was exacerbated by challenges arising from the pandemic. Its five sites across the UK were closed temporarily when the country moved into lockdown for the first time in March of last year.

Despite the turnaround efforts of a new management team, changes to working practices, allied to activity levels, were not sufficient to compensate for the difficulties created by the pandemic. The company faced a growing funding requirement with working capital needs projected to increase as activity levels recovered, the administrators said.

Blair Nimmo and Geoff Jacobs of Interpath Advisory, the former restructuring arm of KPMG, were appointed to implement an accelerated sale and fund-raising process. Immediately following their appointment, a deal was struck to sell the business and certain assets to Solutions 30 UK Services Limited, the UK branch of Solutions 30 SE. The French company provides last-mile solutions to the telecommunications, energy, IT, security and retail sectors.

All 165 people employed by Mono have transferred to the new owner, including staff as its headquarters in Glasgow and office in East Kilbride. Key management, the rights and interest to the clients contracts and certain assets have been retained.

Mr Nimmo, joint administrator and chief executive of Interpath Advisory, said: “Despite the turnaround that was in progress, this is unfortunately another company that has been adversely impacted as a result of Covid-19 exacerbating its funding challenges. We are pleased to see the business continue and wish Solutions 30 UK Services Limited and the workforce every success going forward.”

Geoff Jacobs, joint administrator and managing director of Interpath Advisory, said “We’re delighted to have been able to conclude this transaction and appreciate the significant efforts of the management team and the professional approach adopted by Solutions 30.

“Working together it is great to have safeguarded all 165 jobs, and allowed the continuity of business operations benefitting customers and suppliers alike.”