Moorfields appointed as joint administrators to retail IT Support Company
Simon Thomas and Fred Satow at Moorfields Corporate Recovery LLP were appointed joint administrators to Cyntergy Services Limited on 28 May 2010 at the request of the directors.
Cyntergy Services Limited is a leading supplier of retail IT helpdesk support. The company has 90 employees based at its offices in Sunbury on Thames.
Cyntergy Services Limited was subject to a management buy-out from Clarity PLC in May 2008.
The downturn in the economy in 2008 saw the business experience a considerable drop in training turnover and in the first quarter of 2009 the Company suffered a loss .
Following the losses suffered , the Company undertook a cost saving exercise resulting in savings of 20%. It also entered a payment plan with a major creditor, HM Revenue and Customs (‘HMRC’), in order to repay a debt of more than £260,000.
In the 11 months ending 28 February 2010 the Company suffered a further trading loss and neither investors, directors or the parent company were able to invest funds.
In April 2010, Moorfields Corporate Recovery (‘Moorfields’) was engaged by the Company’s directors to provide independent advice regarding their current financial position..
After several weeks of marketing and negotiation with interested parties, agreement was reached with Clarity PLC and immediately following the appointment of Simon Thomas and Fred Satow as joint administrators, a sale of the business was effected to a Clarity subsidiary.
Simon Thomas said “We are very pleased to have secured a sale of the business and continuation of employment for the significant number of employees. As a former owner of the business and major customer Clarity has a detailed knowledge of what is required to take things forward. Our options were restricted by a number of factors, including the small market the business operated in, all of which makes this sale a great success.”
Please contact Simon Thomas on 0207 186 1144.
Moorfields Corporate Recovery LLP is one of the UK's leading independent firms of restructuring and insolvency specialists.View all Our News