Sale of iHub2 Limited
Blenheim Communications Limited has bought the technology business of iHub2 Limited out of the administration of its parent company iHub UK Limited. This has saved all 18 jobs, will pay all trade creditors in full and will enable the business to continue trading without interruption of services.
Based in Newbury, Berkshire, iHub 2 provides voice over internet protocol (VOIP) hosted telephone services to the UK business market. iHub UK Limited was placed in the hands of joint administrators Gerald M Krasner and Ken Pattullo of Begbies Traynor on 30 June 2015 following a reorganisation by way of a hive down to a new subsidiary company, iHub2 Limited, shortly before the administration.
The joint administrators completed the immediate sale of iHub2 to London-based Blenheim Communications. The undisclosed consideration for the sale was paid in full at completion, with it being apportioned between the shares in iHub2 Limited and full repayment of a substantial inter-company loan.
Joint administrator Gerald M Krasner commented: “The sale to Blenheim Communications is the best possible outcome in the circumstances. It has resulted in all of the jobs at iHub UK Limited being saved. In addition, all the trade creditors including HMRC, which was hived down with the business, will be paid in full.”
Gerald qualified in 1971 as an ACA with Peat Marwick Mitchell and subsequently joined Bartfields Chartered Accountants where he began to specialise in Insolvency. He was one of the first licence holders in 1986 when he specialised in CVAs before they became more popular. Gerald has worked on numerous successful cases including Krasner v Dennison, for which he won in the Court Of Appeal and as a consequence changed the treatment of a bankrupts' pensions.
In 2004 he became chairman and part owner of Leeds United AFC which had debts of circa £103 million. These were reduced to £24 million before the club was sold the following year. In 2007 he sold the insolvency division of Bartfields to Begbies Traynor and became a partner at the firm.
Gerald has lectured both nationally and internationally to fellow insolvency practitioners and other professionals, and has also been involved in committees for both R3 and Insol.