Blair Nimmo and Geoff Jacobs from Interpath Advisory were appointed joint administrators to Mono Consultants Limited on Friday 22 October 2021.
Established in 1997, the Glasgow-based business was one of the UK’s largest network infrastructure roll out service providers dedicated to the telecoms industry. Its offering comprised fully managed end to end services to customers across the operator, vendor, service provider, fixed, mobile, asset management and joint network sharing markets.
Despite the new management team’s efforts to turn the business round following a period of poor trading, the business was further challenged in March 2020 when all sites were closed temporarily following Government guidance in relation to COVID-19. The changes to working practices coupled with the level of activity have not been sufficient to tackle the operational and financial consequences of the challenging conditions caused by the pandemic. With working capital needs projected to increase as the levels of activity recovered, the Company had a growing funding requirement.
Interpath were engaged to implement an accelerated sale and fund raising process and following extensive work and negotiation have achieved a successful outcome. Immediately following their appointment, the Joint Administrators sold the business and certain assets to Solutions 30 UK Services Limited, the UK branch of Solutions 30 SE, a well known provider of last mile solutions to the telecommunications, energy, IT, security and retail sectors.
All of the Company’s staff have transferred to the new owners under the terms of the transaction, in addition to key management, the rights and interest to the clients contracts and certain assets of the company.
Blair 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.”