Moorfields appointed Liquidators over leading virtual network provider

After having made a significant investment into the UK telecom market over the last several years, the Viacloud UK Group has taken a decision to discontinue its current investment and operations in the UK due to funding related matters.

As a consequence, on 4 June 2014, Simon Thomas and Nicholas O’Reilly of Moorfields Corporate Recovery Limited were appointed as Joint Liquidators of certain member companies of the Viacloud UK Group, including Viacloud UK Limited, Viacloud UK Platforms Services Limited, Viacloud UK Wholesale Mobile Services Limited and Viacloud UK Retail Services Limited.

Whilst the group anticipated the commencement of core trading operations in the UK during the course of this year, including signing several significant MVNO contracts, the commercialisation of the project required funding that was unavailable.

Collectively, the business arguably represents the most technically advanced virtual mobile services platform in the UK, offering a carrier grade wholesale mobile service to partners seeking to operate as a Mobile Virtual Network Operator and sell own-branded voice and data mobile phone services to the marketplace.

Speaking earlier today, Simon Thomas, Joint Liquidator, commented that “it is truly unfortunate that the Viacloud UK Group is currently unable to commercially capitalise upon what has been developed to date, especially given the tremendous efforts and contributions of its staff, suppliers, and partners in assembling a world-class team and infrastructure designed to fuel the growth of MVNO's in the UK and European telecom market. However, we are hopeful that new partners can be identified to take this unique project forward and realise the full potential of the group’s core infrastructure and its unique integration with the UK’s largest MNO”.

Interested parties should contact Tom Anderson tanderson@moorfieldscr.com or call 0207 186 1163 for further information.

 

About Moorfields

Moorfields is one of the UK's leading independent firms of restructuring and insolvency specialists. Our highly skilled teams include restructuring professionals and licensed insolvency practitioners who provide leadership, experience and high quality advice to companies and their stakeholders in financially distressed situations

View all Our News