Five jobs have been saved in Bath by the successful sale out of administration of an IT training company.
The business and assets of F1 Computer Systems Ltd, which provides computer-based training courses in Bath and London, has been sold to industry leaders, QA Ltd. The sale was managed by Neil Vinnicombe and Simon Haskew, partners at south west-based corporate recovery specialists Begbies Traynor.
Stephen Price, who was managing director of the company, will continue to play a role in running the business.
The sale of the business and assets of F1, which was a Gold Accredited Microsoft training company, was secured on Friday January 16 through a sale out of administration that has protected the jobs of the staff in its London base for the foreseeable future, while also securing the best possible outcome for creditors. Most of the Bath staff have also been offered some short term work by the purchaser.
Mr Vinnicombe said: “Following a drop in turnover, the business was suffering from cash flow difficulties, and it very quickly became clear that administration and subsequent sale was the only realistic option for ensuring the continuity of business, preserving jobs and securing as much as we could for creditors. Had the sale not been achieved the company would have to be placed into liquidation and all jobs lost.
“Since early December we have worked hard with the director to sell the business and our focus has been on preserving as many jobs as possible. I am delighted we have helped a local business avoid a complete shut down.”
QA is the UK-based education and skills group that works with leading organisations and individuals to transform performance through the delivery of world-class learning and education programmes.
F1 Computing Systems Ltd had been trading for over 25 years. The sale was completed on January 16, 2015.
Neil joined Begbies Traynor in 2003. He successfully sat the JIEB exams in 2005 and is a Licensed Insolvency Practitioner. He has 29 years' insolvency experience having previously worked at KPMG, Ernst & Young and Grant Thorton in Bristol.
He has a broad range of experience in Corporate Recovery and Rescue and works from the Bristol and Bath offices.