Date Published: 21st February 2018
Ten jobs have been saved and key services preserved following the sale out of administration of an established Gloucestershire company.
LDE Smartalarms, based near Cirencester, a provider of data network and CCTV services, appointed administrators from business recovery specialists Begbies Traynor on 16 February 2018. The business was immediately sold to Voneus Network Managed Services Limited.
“This deal boosts our ability to deliver enterprise-grade services to businesses located across the UK, and forms part of our strategy to grow our network footprint and expand our service capabilities,” said Graham Wallace, CFO, Voneus. “The team at LDE has carved out a great reputation for delivering ultra-reliable services and, much like Voneus, understands the challenges associated with serving customers in rural locations, so we see great synergies between the two companies.”
Mark Malone, Joint Administrator, commented that the company had struggled to overcome cashflow problems. After a short period of marketing and negotiation prior to the appointment, he was pleased to have completed the deal. He said: “It represents a good outcome which immediately secures ten jobs and ensures business critical services can continue without interruption to any customers.”
Mark is a Partner based in our Birmingham office, but covers the whole Midlands region. He is a Chartered Certified Accountant and also a Licensed Insolvency Practitioner. He joined Begbies Traynor in 2005 having previously gained his ACCA qualification and now has many years restructuring and insolvency experience. He regularly advises directors, management teams and lenders of insolvency options across a range of different sectors and also frequently prepares independent business reviews.